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 17 2006
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| STOCK: BCE |
WEBSITE: www.bce.com |
| CURRENT PRICE: 28.61 |
TREND: STUCK IN A TRADING RANGE |
| TARGET PRICE: N/A |
RECOMMENDATION: WAIT |
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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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BCE, a stock listed on the Toronto Stock Exchange, is our focus for technical analysis today. Lets take a look at the long term chart, which is the first one above. You can see that the stock has been very active over the past few months, with massive swings occurring from $26.75 to $28.75, and has enabled traders to make some decent money if they were able to enter and exit at opportune times. We can pretty much expect much of the same, until it actually breaks out of this range on either side. Taking a look at the indictors, you can see the MACD starting to get a bit soft here, as the price has reached the top of its trading range. So does this mean that the price will drop back from here? Probably, unless a massive influx of buying pressure comes in, which is partially being suggested by the money flow, but we wouldn’t put too much reliance on that at this point in time. Taking a look at the short term chart, you can see the price catching up to its 200 day moving average, and a close above this value would be very positive. As you can see from the chart though, this average has also been a point at which the stock heads down, which also happens to be the top of the trading range. Judging by the indicators on this chart, especially the MACD, it is suggesting a fall back from here, as it begins to head lower. On the other hand, the RSI is heading up, most likely due to the rise in the stock yesterday.
Over all, this stock can be used as a trading vehicle, until it makes up its mind of which direction it would like to head. After examining the long term chart, and with the lack of buying interest at the top of the range, coupled with the down turn in the short term MACD, we think that this maybe a better time to sell than to buy (unless it breaks through resistance, but this is unlikely here).
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