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TGS 13.06.2008

Today TGS ended at 79.90 NOK which is plus 1.20 NOK or up 1.52% from last traded day. RSI and price is in a falling short term trend but where price and RSI are both close to the support level. Looking at the price chart and the RSI chart we clearly see a falling triangle formation. This means that if the support price level at about 78 NOK is rejected and the price falls below that there is a potential fall down to about 66 NOK according to the theory. On the other hand there is a small upside to about 82 NOK at the moment. 82 NOK could be a nice price to sell if you believe that the price will fall further. On the positive side we also see that the volume is generally falling as the price is falling. This is a good signal and could lead to a rise in price the coming days. ADX is showing low value indicating sideway movement also meaning that the RSI value is somewhat in no mans land for the time being.

OSEBX 14.04.2008

The Oslo Stock exchange has been in a nice upward moving trend the last couple of months. A resistance level at 437 has been formed while an upward moving support trend line has also been developed. RSI correlates well with the index which leaves room for a fall for OSEBX down to about 410 where we find the upward moving support line. Important support levels now are 419, 414 and 408. If all these support levels fails a potential fall down to 390 can be expected.

GGS 02.04.2008

Global Geo Services has since 23.01.2008 been in a more or less upward moving trend. The low 23.01.08 was 1.21 NOK but the stock ended at 1.60 NOK today which is down 1.8% from last trading day. Looking at the ADX chart we clearly see that the stock is moving more and more into a trading range. The ADX indicator shows a value as low as 8.6 which is very low. We also see that +DI and -DI is moving very close to each other. This is something that we often see before major movement in a stock price. The natural question to ask then is if we can see if there could come an up or down movement i price? As always with stocks it is difficult to tell what will happen but as ADX is very low we know that we can rely more on the actual value of RSI. RSI value is about 46 so there is no clear indication that the stock is either overbought or oversold. On the other hand we see that RSI is in the bottom of its trend channel where it has support from the upward moving support line. The support and resistance lines in the trend channels for both RSI and price coincide very well meaning that there could be a reaction upwards from this support level. If we get an upward movement the trend channels leaves room for a rise to about 1.90 NOK at first. Some support and resistance levels to be noticed along the way is 1.65 NOK, 1.70 NOK, 1.77 NOK and 1.87 NOK. From the trend channels this stock can be a good buy just now as it seems that the support level holds. On the other hand if there is a fall in stock price put your stop loss at about 1.50 - 1.55 NOK to secure your money.

TGS 31.03.2008

TGS has been in a weak upward movement since end January 2008. There was a top mid-end February of 84.40 NOK but has since then fallen back a bit ending at 74.10 today which was up 1.5% from last traded day. A nice upward moving support trendline has developed along with a downward moving resistance trendline forming a wedge. From the movement within the triangle we can so far say that this is a "valid" wedge. Looking at the RSI chart we see that this coincide well with what we see in the price chart. There seems to be room for an upward movement in the stock price to about 79 -80 NOK where we find the resistance line. There is also room for a fall in stock price back to the support line at about 70 NOK. If you want to buy the stock now put your stop loss at about 70 NOK or just below the support level. This level correspond well with the commonly used stop loss philosophy of applying 1* ATR. You could also wait and see if the stock price falls back to the support line and buy the stock then.