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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: chowder	9/28/2004 3:02:19 AM
	Read Replies (1) of 206093

ESV is presenting a text book profit taking opportunity. For those who understand technical analysis, the price is now outside two sets of Bollinger Bands. Since price trades within those bands over 90% of the time, odds strongly favor the price pulling back within those bands. Today's candlestick pattern, for those not familiar with candlesticks, is called a hanging man pattern. This is a "potential" reversal signal. If the price gaps down at the open, it will be a strong signal to lock in some profits, if not all of them. The short term stochastics, in the middle window are showing a sell signal and the MACD (trend indicator) has been declining while price has been rising, a negative divergence. Dropping below the zero line today was another sell signal. Lots of warnings to take some profits off the table here. A gap down in price would only confirm! ttrader.com dabum

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