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.
http://www.equityinvestmentideas.blogspot.com/
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.
http://www.equityinvestmentideas.blogspot.com/
posted by douglas mcintyre at 5:52 AM
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