Sunday, January 20, 2008

S&P/TSX Canadian Energy Index Analysis for 01.20.2008


Monthly chart shows index stuck in a consolidation range since the high was made in April 2006.

Weekly chart shows increased selling the last 2 weeks. Look for a test of the October 2006 low and current support on the weekly chart.

Daily chart shows Friday's price action resulted in a doji/spinning top candlestick pattern, indicating indecision between the bulls and the bears. Daily chart shows index to be well below all its key moving averages. Look for consolidation as possible before the next leg down.

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