Friday, February 15, 2008

Energy Sector Analysis for 02.15.2008


Monthly chart shows large bearish engulfing reversal pattern, with the high made in January 2008. Price is currently above all key moving averages, and thus the trend remains UP and is still intact.

Weekly chart shows the bulls stepping back into market off prior support and the 89sma. Current resistance is right at the .618 fib retracement level of the last move down. Look for a test of the low and for a buy signal/pattern to appear to go long.

Daily chart better shows the abc 3 wave pattern into the .618 fib retracement level resistance. IF next week's trading activity shows weakness, look for a test of the current low. IF the low is successfully test, THEN look for a buy signal/pattern to enter long. If none appears, THEN look for continued weakness.

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