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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: Johnny Canuck who wrote (47775)	4/20/2012 7:26:26 AM
From: Johnny Canuck	Read Replies (3) of 69640

PSN.TO bouncing for an oversold level. It has essentially re-traced 50% of the recent loss. It stall at the $13.55 level where a lot of traders entered. A lot of them will be taking profits. It looks like some new believers are buying though as the price is tracking sideways instead and making a another trip down as expected. Despite the fact that BNP.TO is only 50 percent gas and most it with liquids it continues to sell off with the price of gas. It looks like BNP.TO bottom when gas bottoms. Keep in mind they report sometime in May. Right now it has $5 upside with a $5 downside. It is an even money intermediate trade. MHR Is now in a sideways consoliation pattern with heavy resistance at $6. A break o $5.45 would inidicate a move to $4.50. GRH technically on a sell signal, but it will soon negate that due to the sideways move. This is going to be a news driven stock. RLE.V technically on a sell signal, but the volatile marks it hard to time. If ti can reverse back up above the 50 day SMA tomorrow the sell will be negated. Again another news driven stock. Its intermediate up trend is still intact. Surprisingly SDRL setup for a buy signal. RIG bouncing off a strong support level and about to enter a consolidation pattern.

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