Ominous Signs Lurking in ENER

An energy company ENER has taken a big hit and continues to fall.  In looking at a nine month chart, ENER has been trading in a downward channel losing nearly 50% during this time frame.
  There is a major downward support level currently crossing between $6-$7 range.  Although ENER shot up more than 7% in the morning of 3/17/10, I still think there is more room for this stock to decline.  In the short term, it could reach $10 range but not much higher.  I would not be surprised if ENER declines down to $6 or $7 range afterward.  It would be a good opportunity to short ENER if it does reach $10 range.

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