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 3 2006
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| STOCK: ODYSSEY PETROLEUM (ODE) |
WEBSITE: www.odysseyexplorations.com |
| CURRENT PRICE: 0.155 |
TREND: BASE BUILDING HERE |
| 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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ODE Technical Analysis
We analyzed this Canadian listed company on March 2, and recommended that you stay away from it, because things were looking fairly negative on both the long term and short term charts. We decided to take another look at it this month, and have noticed some interesting things that are beginning to creep up on the charts. To view the prior analysis, click here. Ok, lets take a look at todays analysis of this stock. Taking a look at the long term chart, you can see a couple of major differences from our prior analysis. First of all, the stock has started to build a base around its current price, after going through a free fall last time, which was why we recommended that you stay away from the stock. The second major points of interest are the indicators, both the MACD and the money flows, both are heading into positive territory. It is very important to watch these indicators for further confirmation as time goes on, so keep an eye on the weekly chart. On the daily chart, the picture is not as clear, that’s why its best to take a longer term perspective prior to jumping into a single daily chart. The indicators on this chart are also pointing upwards, with the RSI looking good here, as well as the short term MACD. With the price being below both the moving averages, you should still be a bit cautious.
Bottom line, its never a good idea to fall in love with a stock, nor is it good to hate a stock. We came back to this stock because the indicators have improved, and thus believe this may be a good opportunity to get in near the ground floor of a possible reversal that may occur in the coming week or weeks.
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