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

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To: kodiak_bull who wrote (43119)	4/29/2005 9:10:16 PM
From: chowder	Read Replies (1) of 206325

KB, I'm actually disappointed in the performance of the energy sector today. I thought we had the potential to rally for a day or two. I had a few stocks on my watch list today but prices never came up to my entry target. For example: This was the analysis I provide for ESV over on my thread before the market opened. ------------------------------------------------------------- ESV is in the process of establishing a down trend but along the way, we can expect the price to rally. A couple of weeks ago, ESV came down to the 200 day moving average where it rallied over the next week. The price came down to the 200 day moving average again yesterday where it formed a narrow range Doji type pattern. The volatility calmed down and the selling dried up some. The Doji came at a price support level which adds significance to the importance of the candle. It also comes at a time when the energy sector sold off steeply this past week. The chart pattern is suggesting we could see a short term reversal for a day or two, maybe three or four. (This analysis applies to many of the other drillers as well.) stockcharts.com[h,a]daclyiay[d20050129,20050429][pb50!b20!f][vc60... Entry target $33.68. Price target $35.00. Initial stop loss $32.62. Message 21276831 ---------------------------------------------------------- My entry target for the trade was $33.68 and the price only traded as high as $33.60. That additional 8 cents would have changed the character of the short term chart but, that additional 8 cents was too much for ESV to overcome and ESV actually closed below the 200 day moving average for the first time in almost a year. ESV has now taken back 100% of its gains from the January and February Stage 2 uptrend. We'll see how it goes next week. dabum

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