Hello Iso! In looking at your chart of the XNG, several things caught my eye. Some of the indicators are flashing a yellow light, from my perspective, as opposed to a red light.
The price is getting near the bottom of the Bollinger Band. This could mean a short term bottom is near.
The RSI is at the 50 range and in a lot of instances serves as a line of support.
The Williams R%, which wasn't indicated on your chart, clearly shows the XNG is approaching oversold levels. I'm, not saying it can't stay oversold, afterall it did stay overbought for awhile, but it also is an indication that a short term bottom could be near.
stockcharts.com[h,a]waclynmy[dd][pb50!d20,2][iLa12,26,9!Lb14!Lp14,3,3!Lk14]
I've taken up some small positions in E&P's this past week and I'll add to these positions if the indicators can show a little more strength. I'd like to see the Sto's and MACD turn favorable.
BTW, my ST trading turned into ST shorting in technology and proved to be rather profitable.
Looking for INTC to get down into the teens and looking for CSCO to get down to single digits. Wouldn't that be something?
dabum |
