Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for April 17 2006
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| STOCK: PORTRUSH PETROLEUM |
WEBSITE: portrushpetroleum.com |
| CURRENT PRICE: 0.18 |
TREND: TREND REVERSAL IN THE WORKS |
| TARGET PRICE: 0.30 |
RECOMMENDATION: SPECULATIVE BUY |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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PSH Technical Analysis
Portrush Petroleum, a Canadian listed stock on the Toronto Stock Exchange is our pick for todays analysis. The charts are looking very interesting here, both on the long and short term views, so lets dive in and take a look. On the first chart, which views the long term horizon, you can clearly see how the stock has consolidated over the past few weeks, which has caused it to drop about 35% from its highs. The indicators are very interesting, with the MACD showing signs of it turning here, but it is a bit premature, so this should be watched very closely. Often, after the indicator shows confirmation, you may have already missed a part of the run, so if your anxious, take a look at the shorter-term picture, since it will eventually influence the longer term chart. The money flows are also very compelling, with less money coming out, and those who wanted to get out may finally be out, allowing the stock to propel forward. Taking a look at the short term picture, you can clearly see the recent consolidation phase, which is reaching a pinnacle here, and should cause the stock to break to the upside. Evidence of an upward breakout are given by the MACD, which is diverging with the price (which means the price is moving down, as the MACD is improving, so the down trend is weakening). The stochastics are singing the same tune as the MACD, with it starting to tread higher here, so this confirmation may indicate a turn around in the works here.
Bottom line, things are looking fairly positive here, and the likelihood of a turn around is fairly strong, which should occur in the coming weeks. The price is sitting right near the 200 day moving average, so an entry between $0.17-$0.18 would be fair, given the risk reward profile, as our target is $0.30. Don’t enter an entire position at one price; buy in steps as confirmation of an up trend is evident.
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