CNE charts,etc.19 Feb 2014 11:49
This is the well-known "waterfall chart" made famous by RRR,ATC and AFE..
Anyway,the dreaded "death cross" where the 200 day moving average went above the 50 day average came in November.The trusty MACD dropped from 0.38 in October to minus 17.Volumes increased but due to selling pressure.One positive is the Relative Strength has risen from 20% to 30% so it is grossly over-sold.I'd forecast a slight SP rise but better news has to come.We are also approaching the time of preparation for the summer Greenland season. Why do CNE hold most of the offshore Greenland blocks ? Something must be done there,either to sell them or do some work there which will be rather expensive especially if again they are "dusters".Greenland rules involve doing a certain amount of work to keep these licences or they are lost. Each year they are kept costs a lot of money.GL