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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Galirayo who wrote (115390)	3/24/2005 3:54:00 PM
From: stkboy1	Respond to of 209892

Does seem to follow gold. I suspect we will have another build in inventory although sometimes traders have pushed the price of crude up despite the build. Today's rise could have been because of the refinery blast and the decline yesterday could have been because of the analyst downgrade......oh no wonder my head hurts. Several stocks look to be in a wave c pullback and could launch into another high or the decline could resume and morph into ER's wave 3 decline. As usual it seems to be sitting and waiting for the next move. ############################# Ehrenkrantz analyst Prabhas Panigrahi downgraded the group, recommending investors sell into strength. "Although oil and gas prices are likely to remain robust in the short-term and the oilfield service sector may continue to take advantage of its pricing strength through increased capacity utilization, we believe...the sector's risk/reward tradeoff has turned negative from neutral," he said in a note to clients. Ehrenkrantz initiated coverage of the group on March 8, 2004. From then to now, the stocks have appreciated by 29 percent. Though oil and gas prices are at "unprecedented levels" and have led to earnings growth for the companies, Panigrahi sees oil prices falling to $40 to $45 a barrel and gas prices to $5.50 to $6 per million British thermal units over the next several months.