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Thursday, October 26, 2006

Chart Study - ENER, LM, PPDI

I was going through some of my usual stocklist yesterday morning & noticed ENER in an uptrend channel. It was almost at the base of the trendline & supported by rising 50 MA. Nice rebound yesterday if you have caught the move.

LM announced earnings on 24/10 BMO. Wild intraday moves & closed just above 78.6% Fib retracement (from low in Aug to high in Oct) with doji. Stock up the next day.

PPDI another example of like LM. After earnings, closed above 200 MA on super huge doji. Stock up the next day. However on 19/10, tested 50 MA but unable to break and with that, the stock broke down.

Doji on its own represents indecision & its pretty neutral. However, if it is able to closed above/below key resistance or support, it is likely to signal a turn.


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