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 20 2006
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| STOCK: ELDORADO GOLD (ELD) |
WEBSITE: www.eldoradogold.com |
| CURRENT PRICE: 5.00 |
TREND: SHORT TERM UP, LONG TERM CONFIRMATION REQUIRED |
| TARGET PRICE: N/A |
RECOMMENDATION: SMALL POSITION |
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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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Eldorado Gold is our target for todays technical analysis. This Canadian stock has gone through some rough times lately; does this mean that opportunities are ripe for the picking here? Taking a look at the long term chart, you can see the price currently bouncing around support of $4.75 - $5.00, which is about $1.60 off the highs, or a 25% retreat! The indicators are interesting here, with the MACD starting to slow down its negative sentiment (but still negative at this point in time), and the money flows are improving, suggesting money flowing back into the stock here, which is obviously a positive sign, and maybe a signal of the bulls gaining some ground. Taking a look at the short term chart, you can see the decline a little more clearly, with the descending triangle just about completing its course. The current stock price is also below its 50-day moving average, which is a negative sign as well. On a stronger note, you can see the MACD starting to go up as the price declines, which is a strong reversal signal, and we believe that things may begin to change here (as suggested by the RSI as well).
Bottom line, things may start to improve here, so it may be time to take a small position and add more as further confirmations are given.
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