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.