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Tuesday, December 12, 2006

Chart Study: ENER

I have been watching ENER for a couple of days and it has finally made its move today. But alas I was not watching ENER closely today. Not in top form today and was feeling rather tired. Good for you if you have caught the move. Here's the chart:

ENER gapped up and moved strongly, hitting 1.62 Fib ext by 3rd bar (15 min chart). This is typical of ENER. When it moves, its movement is explosive and you really have to catch on fast. After the spike up, it consolidated around the 5 EMA. A good entry point would have been 15th bar high, where it cleared the 1.62 Fib ext and supported by 5 EMA and spike in volume. I would have exited at the 200 daily MA and if I still have remaining position, would exit the rest at 24th bar as it drew near the $40 resistance level when it failed to make a higher high.

I checked Briefing.com for news on ENER's spike and here's the reason:

Energy Conversion: IBM PCM announcement could be catalyst for licensing memory technology - Merriman (37.97 +1.59) : Merriman notes that today at the International Electron Devices Meeting, IBM, Qimonda and Macronix are presenting a white paper on their development of a phase change memory based flash chip. They believe this research group could be the next major licensee of Ovonyx's (39% owned by ENER) OUM memory tech. They also believe other major memory manufacturers could report positive development on phase change memory this week including Samsung, STM, Intel, Hitachi, Renesas, and Infineon. Based on conservative assumptions of PCM adoptions, they est ENER's ownership of Ovonyx (they do not feel is currently valued into ENER shares) is worth $30 per share today.




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