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 March 14 2006
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| STOCK: STERLING RESOURCES (SLG) |
WEBSITE: www.sterling-resources.com |
| CURRENT PRICE: 1.78 |
TREND: CONFIRMATION REQUIRED |
| TARGET PRICE: na |
RECOMMENDATION: HOLD |
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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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Technical analysis today is on Canadian based Sterling Resources, which has been through a nice consolidation phase, and may be ready for a run from here. Taking a look at the long term chart, you can see the strong support it has formed in the $1.40 ranage, which has been tested a few times. The current price though is shownig some resistance at its decending trend line shown on the first chart, which needs to be cleared prior to any concrete continuation of the uptrend is visible. Taking a look at the indicators, you can see that a lot of money came into the stock, which is very positive, and equally as impressive, you can see the outflows have been limited for most of the duration of the chart as well. The MACD gave a clear buy signal at the start of the year, as it diverged, but today, its signal is not very clear, although the bias is towards the upward slope. Now lets take a look at the short term chart. You can see the price sitting at its 50 day average, as well at above its 200 day average, which is a plus for this stock. The price really needs to hold onto its 50 day average, but history shows that it has generally bounced in both directions with respect to this average, so it cannot be entirely relied on as a support base. The RSI is still showing some upward momentum, where as the MACD seems like its getting a bit tired here, and may turn down. The direction of the indicators some what conflict, so its hard to give clear guidance on the short term.
Bottom line, things are not looking too bad here. Confirmation of a breakout from the longer term down trend is required, which is around $1.80, and would be a great positive for the stock. The price may come down here a bit to the $1.60 range as indicated by the MACD as well. Therefore, if you hold it, you may want to continue to do so, otherwise, watch the trend line and the MACD as it may come down a bit for a slightly better entry level.
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