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 7 2006
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| STOCK: OILEXCO (OIL) |
WEBSITE: n/a |
| CURRENT PRICE: 3.90 |
TREND: UP TREND, POSSIBLE BREAK OUT |
| TARGET PRICE: 4.40 on no break out, $5.25+ on a break out |
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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Oil anyone? This Canadian stock is looking fairly interesting at current levels, and may be ready for a serious move in the coming days and weeks. On the long term chart, you can clearly see the price hitting the ceiling about four times, but this time it may be ready for a breakout. You can see the price settling near the resistance level, rather than falling, which is further supported with an increasing MACD. This shows support for the stock here, and should cause it to rise. On the daily chart, you can see the price narrowing in on the $4 range, with higher lows and lower highs, and this further points to evidence of some sort of breakout in the works. The MACD has been treading water at these levels, and does not want to head down with any conviction. The last piece of support is the current price level. The price has bounced around the 50 day moving average, and currently rides above this, which is another positive.
Overall, OIL might be ready to move here, both in the short term and the long term.
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