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 20 2006
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| STOCK: ODYSSEY PETROLEUM |
WEBSITE: |
| CURRENT PRICE: 0.15 |
TREND: BOTTOMING OUT? |
| TARGET PRICE: N/A |
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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ODY Technical Analysis
A Canadian listed resource based stock is our play for today, and this one is showing very promising indications of a possible turn around in the works here. We have been watching this stock for some time now, as it has gone through a heavy consolidation over the past six months. To view our prior analysis, click here. The long term chart is the reason why we are gaining further confidence with this stock. We are focusing on the MACD here, which has confirmed an upward bias here, which was a concern of our last time, so things should hopefully get brighter from here. This long drawn out consolidation has essentially cleared out pessimistic investors, and the improving MACD shows that this downward slide is losing momentum, thus a turn around may be in the works. The second big plus is the money flows, which are getting better by the weak, even though it is still in negative territory. The combination of both indicators confirming one another is very positive going forward in the next few weeks. On the shorter end of things, the major point to take note of is the support level, which is around $0.14, and how the stock is holding onto this level.
Bottom line, this stock is still a speculative buy, but evidence is accumulating, and this stock looks like it is gearing up for an upward move in the coming weeks. Watch the support level carefully, any break below would be very negative, but we think the chances of this happening are pretty slim.
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