4 replies to this topic

[PorkLoin]

Bottoms up, Hiker.



Who says there isn't order in the markets? That is one beautiful uptrend. Almost brings a tear to one's eye, and formulates the desire to touch something greater than ourselves, (or at least bestirs dreams of going back in time four years). Monthly momentum, per the MACD, very strong. On the weekly chart to the right, the MACD has been diverging lower relative to price, but it's going up right now. That indicator may be making a triangle in its own right, and if there is a top out there in the future for this stock, a thrust higher for the MACD, out of the triangle, would fit nicely.



On the daily chart there have been three pretty stout moves down in the last year. This month, it's gone sideways but hasn't even been able to get a downward channel going. No doubt 92 and above 92.50 is providing a good bit of resistance, but barring general serious stock market weakness and/or crude oil heading lower I think it's just a matter of time until MRO punches higher through the resistance. Closing above 92 would be a plus.

Best,

Doug

Edited by PorkLoin, 25 August 2006 - 09:16 AM.

[PorkLoin]

Hiker: would you sell if stopped out, or take initiative and sell and wait for reentry lower?

it has 92.86 and 92.57 ahead of current price as a triple top target

"If stopped out" -- that would depend where I'd entered it, and what my timeframe was. Short-term, below yesterday's 89.50 low would be bad news, and going below that late July low at 83.35 would make me think it has a real problem. We already got to 92.54 today, so that 92.57 target was right on. For short-term trading I'd be watching the short-term indicators and if price pulls back (hourly volume looks weak today) maybe we'd get a bottom at 90, 88, or the 86 area.

I don't own this one, but from a longer-term perspective if anything I'd just hold and see if it can break out. This month's range ought to give us $100 if it does.

Best,

Doug

[hiker]

Doug...your thorough work and comments are much appreciated!

[hiker]

Doug...exiting near the high for the week helped me jusitify selling today...I will evaluate a reentry another day...til then, I am using the trade $ in daytrades and swing trades that are moving faster again, appreciate your thoughts opportunity cost of having $ tied up is usually my greatest decision criteriia btw, UPL moved above the 20 day ema barely today,...for first time in several days...whether it holds into the close is of interest. It closed yesterday furthest % from its 52 week high vs. the other NG plays I monitor

Edited by hiker, 25 August 2006 - 10:49 AM.

[mss]

Sorry about the size, but a picture is worth 1000 words to me.

btw, UPL moved above the 20 day ema barely today,...for first time in several days...whether it holds into the close is of interest. It closed yesterday furthest % from its 52 week high vs. the other NG plays I monitor

Building but no conviction, YET.





ps: hope to see you guys after the weekend, have a good one. mss

btw, UPL moved above the 20 day ema barely today,...for first time in several days...whether it holds into the close is of interest. It closed yesterday furthest % from its 52 week high vs. the other NG plays I monitor

Building but no conviction, YET.





ps: hope to see you guys after the weekend, have a good one. mss

Edited by mss, 25 August 2006 - 12:25 PM.