Monday, February 16, 2009

Weekly Report on ER - Feb 16th to 20th '09

Going back to last week's report, we had a chance to go long and short to end up lower than last week. As I said, the picture did not look too rosy and we're still in that same messy congestive situation, fixating on our key 437 level to determine which scenario will prevail in the end.

ER 60mins: Failed to pass the pivot level around 453 so we're stuck in the lower part of our trading range for now. Again i insist that the [433-437] support range will be key. Should it break, ER will be in serious trouble. The lower parts of the trading range should be tested again so let's give it a chance so long...

ER Daily: Same messy picture. Here too, 437 looks strong enough to hold even if we don't anticipate any change in dynamics, hence no substantial buying to support any form of recovery. Selling pressure or lack of buying could send ER down to the next support levels just above 400 or even around high 380s again.

ER Weekly: Not looking too good here either. We certainly don't want to look at what would happen if our support levels collapsed. Let's not all think grim though. As mentioned above at daily level, we'll go with the flow until next support level is reached.

( posted 6:30 AM UK )