TGS 13.11.2007

Since a low formed September 22nd the stock was rising slow but steady until November 7th. After that the stock price has fallen quite a bit and ended at a new low at 82.00 NOK today. What is concerning is that the rising support trendline was broken giving room for a fall down to about 79.80 NOK. Looking at RSI the trendlines, tops and bottoms confirms this. What can happen also is that the previous support trendline now becomes the new resistance line but continuing the "internal" weak rising trend. ADX is still showing an overall medium strong falling trend (the long term falling trend that is seen in this chart). Even though the stock price has fallen substantially lately we here at mytraderscorner.com is still negative to this stock but would keep it in our watch list.