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 2 2006
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| STOCK: ODYSSEY PETROLEUM (ODE) |
WEBSITE: www.odysseyexplorations.com |
| CURRENT PRICE: 0.16 |
TREND: BROKE THROUGH SUPPORT |
| TARGET PRICE: n/a |
RECOMMENDATION: PASS, TOO RISKY |
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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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Odyssey Petroleum, a Canadian resource company listed on the Canadian Venture Exchange, seems to have taken stock holders on a roller coaster ride here, and judging from the charts, many have gotten sick from the ride. Taking a look at the long term chart, you can clearly see the fall out from recent highs of close to $0.50. The stock was trading in a fairly wide range, making over 100% if traded for maximum profits, but this recently changed when it could not hold onto support at $0.20, which eventually caused a further fall out. The next support level is at about $0.10. The indicators are also very poor here; MACD is still treading lower without any clear signals of turning (even though it is approaching oversold levels), and the money flows show cash coming out of the stock rather than into it. Looking at the short term chart, you can see the problems magnified, with a few additional negative points (unfortunately). Two other key levels of support have been violated, both the 200 and 50 day moving averages are way above current levels, and the 50 day made a cross under its 200 day average late last year, another bad sign. The only bright signs here are the MACD and the RSI showing some signs of a short term pop here, but this may be a chance for those who haven’t bailed to do so.
Judging from our comments, I’m sure you have guessed that this is not one of our favourite stocks. There are so many others out there, why take a chance on a short term pop to make a few dollars, when you can jump into many others with far better technicals than this stock. We give you stocks to buy, and sometimes to sell, but this one you just want to avoid.
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