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.
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.
Other Articles:
Two ETFs Flying high
Breakout in Goldman sachs
Buffett Doubles in WMT Shares
NEM experienced Breakout! IAG Follows
3 Beaten Down Stocks Ready For Reversal
No comments:
Post a Comment