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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (13906)	10/13/2002 5:23:15 PM
From: chowder	Read Replies (1) \| Respond to of 206361

An exercise in technical analysis. I'm looking at EP for a possible trade. I've been looking for higher lows and higher highs. So far EP has provided this. In candlestick-speak, a gap up and closing higher is very bullish. EP has done this also. The Stochastics and MACD are on the verge of flashing a buy signal. If EP is lining up so nicely, why hasn't my pet monkey told me to buy yet? Two things! First we have a level of resistance at 6.60, the 10 dma. Prices normally pull back on the first attempt of breaking resistance. The second thing is the volume. The volume concerns me at the moment. Gap-ups and breaking through resistance require strong volume. The low volume with a rising price scenario, is a bearish indicator, believe it or not. With the volume this low, the odds of breaking resistance are very low. So, in this example, if one wishes to make a "high probability" trade, in the accurate time frame, it's best to forget what price you pay for EP. It's prudent to watch the trend, levels of support and resistance, and watch the volume. stockcharts.com[h,a]daclyiay[pb50!b200!b10!f][vc60][iut!Lh14,3!La5,17,9]&pref=G dabum