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Monday, July 17, 2006

Technical Analysis of ENER

By Yaser Anwar, CSC, of Equity Investment Ideas

Energy Conversion started the descending process in the middle of May '06, when it was just above the $55.

Within one month the stock lost about 40% of is value when it dropped to the $32 mark. Since the middle of June and into the first week of July ENER stock rallied to the $37 mark.

In the second week of July the stock declined again, falling to the $32 mark.

This is known as the double bottom pattern. On Thursday the stock created the hammer in a downtrend pattern, while on Friday ENER went up. These patterns are a good indication of another rally in a downtrend.

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