GREY:ENGFF - Post by User
Post by
zetaon Jun 12, 2008 6:15pm
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Post# 15179756
TA AND CHART FOR FRIDAY
TA AND CHART FOR FRIDAYHi -- Well, more bearish candles and another down day for ENG - I think we are looking at more downside tomorrow - likely to the 1.30 range or so -- this was the previous support pivot, so, we will see if it will hold. There is something not right with this play -- with drilling -- there is usually a lot of excitement, anticipation and greed - in the case of ENG -- the emotion most common now is fear!! The stock has tried to rally, but each rally back to the 20 EMA is met with serious selling -- a sure sign that the downtrend is not over and it will likely move lower. Notice that the 20 ema is running under the 40 MA -- another sign that the downtrend is still with us -- looks like more downside tomorrow, but the support at 1.33 or so should hold . Good luck tomorrow. Here is the daily chart. Zeta
