Nexen Inc. 7.35% Sub Notes 2043 NXY.P.B

NXY seeing classic price compression...

[Canonball]

Chart shows the stock price squeeze coming.... lows have risen steadily since Oct 11, 2008 to it present plateau of 19.00 to 18.97 today's closing price. NXY has just broken down a little today when the 20 DAY MA 20.58 crossed below the 40 DAY MA of 20.87...but that small change was on very low volume so it maybe a small head fake will see what happens through this week. Price squeezes usually mean the price is going back up, or back down HARD!

If NXY can hold this SP or go back over the 40 DAY MA that would be a strong buy signal in my book ...but then again I just bought 600 more at 18.90 today. Now hold 5100 @ 20.352 for disclosure. And I plan on selling a Feb Covered Call here shortly...as a hedge. 

So if you hold NXY this might be a good time add.... or if it doesn't show support.... time to lighten up or hold
and wait out the next down cycle.  And keep in mind  NXY is OVERSOLD...so we'll see.
So lets hope that the market and oil picks up this week. 

Cheers