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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: JHR who wrote (8637)	3/26/2006 9:05:37 PM
From: chowder	Respond to of 13449

Re: NOV and energy ... I'm seeing quite a few energy stocks with a similar chart set up as NOV and at first glance, it looks good. The swing pivot is $67.30. If price can move above that, I think NOV heads back up to the recent high. stockcharts.com[h,a]waclyiay[d20050326,20060326][pb40!b20!f][vc60][iut]&pref=G UPL has an even nicer pattern, a weekly bullish 123 pattern with price rising above $60.00 being the trigger price, price target being the recent high, stop under $55.00. stockcharts.com[h,a]waclyiay[d20050326,20060326][pb40!b20!f][vc60][iut]&pref=G SLB has formed an eight week base and could have a nice break out pattern if the energy sector decides to break out. stockcharts.com[h,a]waclyiay[d20050326,20060326][pb40!b20!f][vc60][iut]&pref=G My concern with energy is that institutional and professional money was behind the price correction. This money doesn't usually change their minds immediately and get back into a sector they just got out of. I would think they would prefer to see more pain develop and then relieve those people of their pain by taking their shares away from them. I may be wrong on the timing of this. Maybe that money comes back now. I would prefer to err on the side of not having money at risk, miss the move, but play the correction on the first profit taking opportunity after a break out occurs. dabum