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 7 2006
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| STOCK: SPIDER RESOURCES |
WEBSITE: |
| CURRENT PRICE: 0.09 |
TREND: SHORT TERM UP, LONG TERM DOWN STILL |
| TARGET PRICE: N/A |
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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Spider Resources, a Micro-Cap Canadian Company is our focus of this technical analysis report. Taking a look at the long term chart, you can see an impressive move from its recent lows last October, and has been in a consolidation period for about a month now. The MACD is not very impressive here, and suggests that the price may continue to consolidate in the medium term, but it has yet to cross over into negative territory but seems to be headed in that direction. The money flows indicate the inflow of money that has lead to this gain over the past few months, but new money may not be entering, hence may provide further evidence of a medium term decline. Looking at the short term chart, we have a brighter signal starting to show up. The price and MACD seem to be diverging, hence, as the price moves down, the MACD is moving up, signaling a reversal may be in the works short term. The price may continue to drop here a bit, and may even test support at $0.08, which may be an attractive entry point. Note the moving average levels as well, as the price is above both, but is getting close to its 50 day average of $0.085, and should be watched closely as well. Even though a slight breach to $0.08 may happen, anything below this level is not a positive signal. The RSI is also signaling a short term oversold level as well.
Bottom line, the long term picture is not very bright right now, but the short term offers an interesting trading opportunity. Purchases in the $0.08 to $0.085 range are favorable, with profit taking any where after $0.10.
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