Forum Archive Index - August 2003

[Phaedrus <Phaedrus@techemail.com>]

Phyllis,
        ENE remains in the long-term downtrend that it has been in for nearly 
three years. There are, however, indications that the slide is losing momentum 
- for example, price action has broken above the 200 day moving average for the 
first time in years. There was a confirmed long-term trendline in place but the 
downtrend accelerated, rendering this obsolete. The new, steeper, confirmed 
trendline has now been broken. In spite of these very positive indications, ENE 
is still in a downtrend and is still making new lows. I would be a bit more 
positive had the resistance at $2.48 been taken out, but so far this is 
holding. 
 I know you are a fan of this company, and have been watching it closely for a 
long time now. It would be good if you could wait for an uptrend before buying, 
or failing that you could perhaps buy on a breakout above the $2.48 resistance.
 It would not surprise me if this stock consolidated at these levels, going 
into a trading range for a while.
      Regards,
                Phaedrus.

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