International Gold Exploration 29.11.2007

Today we have a look at IGE. The stock price has been falling since May 2006 and is now in the lower end of the falling trend channel seen in the chart. Even though the trend is negative we now see a possibility for a rise up to the resistance line in the trend channel. Why we think this can happen is because of the positive divergence seen in the RSI chart. There is still room for a small fall in price as we see from the RSI chart. If the support level for RSI holds during a fall in stock price we expect a fall to about 1.58 NOK. On the other hand if the stock price start to rise we could set a target to about 2.20 - 2.30 NOK.

ACTA 28.11.2007

Last time we looked at ACTA we expected a fall down to the support line the following days. We now see that this was exactly was happened. The stock price touched the support line and have for the last 5 days moved up. We also said that we were generally positive to the stock. 4 days ago the 6 months falling resistance trendline was broken by the rising stock price. Combining the price chart with the RSI chart we see that there is good correlation. We also see that the RSI has bounced of the rising RSI trend (now) support line. The rising RSI that we now see in this chart is a good sign for further rise in stock price. Looking at ADX we also see that the value is low indicating a break in the previous trend that we had in stock price and formation of a possible new trend upwards. It is still early to say how this will go but we are still positive to the stock.

GGS 26.11.2007

We looked at GGS last week and it is now time to see how things has developed since then.
We said that the stock could fall down to about 1.45 NOK and rise to about 1.63 NOK. The stock price ended at 1.44 NOK today which is on the support line drawn earlier. We also see that todays low found support at the earlier drawn falling support trend line. The fact that these support levels held today was a good signal. Looking at RSI we still see higher bottoms and a positive divergence. The volume traded today was relatively high giving further support to our hypothesis about our support lines. In the longer run the stock price development is negative but we are positive about a rise up to the resistance level at about 1.61 NOK. If the price reach this level it will be very important to see if there can come a breakout up through this resistance line. We should also mention that if the support line fails the coming days this is a very negative signal.

Fred Olsen Energy 23.11.2007

FOE has since mid-August this year been in a more or less rising trend channel. The trend channel is not very strong as can be seen from ADX for this period, but we will still say that it is evident. The support line seen in the chart is backed by the RSI support line. The price and RSI is both in the lower end of the trend channel indicating that the price could rise the following days. Absolute target for now is at about 296 NOK. If the price falls it will find support at about 262 NOK. Looking at the volume traded this last month we see that there is usually higher volume the days the price is touching- or nearly touching the support- and resistance- lines except this last time. This is a bit strange but it could be that there are not many traders in the stock at the moment and that those who wants to buy the stock would like to wait for more reasons to buy it.

GGS 22.11.2007

GGS is a stock that is widely discussed, and today we take a closer look at this stock. The stock price has been in a more or less sideway movement the last 2-3 months. November 19th the stock fell quite a bit along with the rest of the stock market, and have for the last week continued this downward movement but with a small rise in price today. This last week movements has increased the ADX value indicating a strengthening in trend. -DI is the dominant factor but from the last three days we see that it has decreased which is positive. This can mean that the bottom formed yesterday is THE bottom for now and things will improve. Due to low ADX values we put extra emphasize to the actual value for RSI. We see that it has just moved up from the 30 - oversold level which could indicate a buy signal. Putting the RSI chart together with the price chart the price could fall to about 1.45 NOK, but there is room for a rise up to about 1.63 NOK at the moment. What will be important then is whether the price can break up through the falling resistance line seen in this chart. Other than that it also seems like a small divergence has formed between RSI and price that could indicate a rise in price is on its way.

Telenor 21.11.2007

Our next stock in our series where we look at stocks recommended by the banks and trading companies we look at TEL. This stock was recommended for buying by DNBNOR today. Their target price is 150 NOK up 26.75 NOK from todays close at 123.25 NOK. For the last couple of weeks the stock has been falling with the rest of the stock market. The high 9th of November was just lower than the highest high price for this stock. From the price chart we see that the stock price is starting to form a falling trendline. This trend is still very weak so we should not pay too much attention to it yet. Like I said the trend is now weak as can be seen from the ADX value. We also see that - DI is gaining momentum at the moment. What we know when we have low ADX values is that oscillators are good indicators to use. RSI is one of these and clearly RSI has been in the overbought area quite recently implying a fall in stock price. The RSI value is still above 50 which is positive but it seems that we are soon to test the RSI support line seen in this chart. If this support line holds still a rise to about 125 - 126 NOK is likely. If the support line fails the stock price can easily fall down to about 116 NOK. The major trend for the stock is still positive and good opportunities for buying can come with falling stock price. But if I was considering this stock for buying I would wait until it touches one of the support lines and confirms them. Or if the stock price break out through the falling resistance line.

Tandberg 19.11.2007

Today we start a small series where we will look at stocks that is being recommended for buying by the larger banks/trading companies. We will bring up a few of these cases from time to time just to see if our technical analysis coincide with these buying recommendations.
Our first stock to look at is Tandberg recommended by DNBNOR Markets today.
Today was a horrible day in the stock market where TAA also took part in that down movement with a fall of -3.8%. But do it looks like the stock is likely to start rising in the near future? Since October 18th this year the stock price has been in a more or less constant downward movement. Today the stock price ended at 113.50 NOK which is a new low for the last 6-7 months or so. We also see from ADX that the downward movement has formed a medium strong trend (and rising). RSI support the price movement but we also see from RSI that the stock is moving into the so called oversold area. We can see that there is a weak supportline at todays end price. We need to see tomorrow if this supportline is valid or not. But from our technical analysis should we buy this stock now or should we wait? We here at mytraderscorner.com is absolutely clear that we should wait to buy this stock as there are no guarantee that the fall in stock price is over for now. Our suggestion is to keep the stock in your watchlist and possibly buy it when RSI is crossing the 30 level upwards or even wait longer to see that the RSI bottoms and price bottoms is rising.

Eltek 16.11.2007

Since last time we looked at Eltek the stock price fell down to the support line on Friday. The stock price was lower than the support line during the day but gained some momentum and ended on the support line. This was crutial in order to keep the positive divergence between RSI and stock price. On Monday we expect a rise in stock price or a more or less sideway movement. In short term we still remain optimistic to the stock and believe that it will move up to the resistance line soon unless the support line is broken.

Eltek 15.11.2007

Eltek has been in a downward moving trend since early 2006 and is still in this negative trend. However is there any chance for this trend to come to an end soon or at least have a small break? Looking at the price chart we see that the price touched the support line three days ago and formed a new low. Combining this with the RSI chart we can identify the same low but in the RSI chart the low is higher than the low formed October 22nd implying a positive divergence. With this in mind it seems that the resistance line in the price chart is about to be tested some day soon, and maybe break out from this falling trendchannel.

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.

Belships Skibs 12.11.2007

It has been a while since we looked at Belships Skibs (19.10.2007) so this is a good time to bring it back up. Last time we said that the stock was ready for a correction down due to falling RSI tops (you find the analysis published here on www.mytraderscorner.com 19.10.2007). Since then the stock has fallen quite a bit. We had a top at about 35 NOK where it also touched the upper trendline - the resistance line. We expected the stock to fall to about 25 NOK at least and todays close was 24.4 NOK down 6.5% from Friday last week. Looking at todays chart we see that there is some support at about 23.80 - 23.90 NOK something that we can confirm by looking at the RSI chart. So at first it seems possible that the stock can fall to about 23.80 - 23.90 NOK before a new rise in the stock price. It is however important to pay close attention to what happens at the supportline before making a decision of what to do.

ACTA 09.11.2007

After quite a good week for the ACTA stock we had a fall on Friday. From our previous analysis we could expect a fall in stock price after reaching the resistance level. On Friday the days high touched the resistance line and the stock fell 2.3% to 21 NOK. This is also confirmed from the RSI resistance line. We now see a possibility for a fall in stock price this coming week down to the support level at about 19.50 NOK. We are still positive to the stock overall and believe that the falling trendline in the price chart is soon to be tested again (from todays situation).

ACTA 08.11.2007

As we expected last time we looked at ACTA the stock price has risen the last two days. Can we expect the stock to continue this rise the coming days? The stock price is getting close to the falling resistance trendline which means that there is a possibility for a reversal in price down towards the support level again. Looking at RSI we see that RSI is almost touching the long term falling resistance trendline, but that there is still room for further rise in the stockprice according to the rising trend channel that we have identified in the RSI chart. ADX has been fallen since beginning October indicating that the stockprice is moving into a less trending phase. This is positive as this can indicate the end of the long term falling trend. Short term it seems that the stock can still rise a bit before it might fall down to the support level again. RSI is still quite low so there is also good chance of a breakout up through the falling trendline. Looking at the volume we clearly see that things are getting positive thereby also further strengthen the possibility of a breakout through the falling trendline.

ACTA 06.11.2007 -a small update

Lately we have been looking at ACTA as a possible stock for a coming rise in stock price. We have said earlier that there is support at the 19.60 NOK level. This level was tested today and so far it still holds. The volume has fallen since last top which is a good sign. Looking at RSI we see that it still corresponds very good with the price chart. Looking at the two charts together it is now time for an upward movement in price unless the support level fails. If the support level fails we would expect higher volume and a possible fall down to 17-18 NOK at first. But as it looks now there is some chance for a coming rise in the stock price the next few days.

GGS 05.11.2007

The stock price made a new bottom on Friday defining a new support trend line. The trend is still rising for the short term trend channel but with a long term falling trend channel still present. The short term rising potential is 1,92 NOK with support at about 1,68. RSI also confirms these values. The trend channel is more or less sideways as can be confirmed from the low ADX value. In a situation like this the actual value of RSI can be important. RSI value today is 46 indicating neither an oversold or an overbought stock. Therefor stick with the defined trend channels.

ACTA 02.11.2007

Last time we looked at ACTA there were signals for divergence between the stock price and the RSI value. Indeed we got a bounce upwards Monday last week but the rest of the week showed negative movement in the stock price. Looking at the RSI curve we see that a positive trend channel is being developed but in order to confirm the validity of the trend channel the support level must hold. If the stock price falls down to about 19.60 NOK there needs to be a bounce up from the support level again. If this occur there is good chance for a stock price movement up to about 22,40 NOK at first. As said before there is a divergence between RSI values and stock price here so there is a good chance for the long term negative trend to be broken and the stock price to rise in the long run again.