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 February 21 2006
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| STOCK: PORTRUSH PETROLEUM (PSH) |
WEBSITE: www.portrushpetroleum.com |
| CURRENT PRICE: 0.23 |
TREND: UP TREND, BROKE THROUGH RESISTANCE |
| 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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This Canadian resource company has shown some interesting activity in terms of its charting pattern, as shown on the charts above. On the long term chart, you can see the price bounce from its support level of $0.10 which was a very important test. It passed another important hurdle when it broke through resistance around $0.25 to its current level. Another positive for this stock is the money flows, which have turned positive and has added fuel to the run up thus far. The MACD though is not co-operating here, and thus confirmation is not completely there, but it could head higher from here still, but no concrete evidence exists right now. On the short term chart, you can clearly see the impressive run this stock has had, as its powered through resistance. The consolidation period for of the last few weeks is healthy, and may allow it to reach another plateau. The MACD on the daily chart is looking like it wants to turn up here as well, so that’s a good sign, but the lack of follow through on yesterdays close is a bit concerning. Watch the next few days for follow through, and an eventual break about its recent high of about $0.275.
Bottom line, things may start to rise here if it can break through its prior highs. The long term MACD should be monitored as well, as confirmation is not concrete there for the longer term yet.
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