RE: gedw your thoughts? pt1 rns19 Mar 2011 11:37
Logically, EOG could go up or down...
If it goes up without coming down first, I would suspect a very short term target of 40.75 before retrace.
If it comes down and closes the gap which developed at 32.75 within the next day or two, the shor...t to mid term target becomes 45.8 . Any down movement which occurs in gap closure "could" actually go to around 31.25. If it breaches that number, 18.9 becomes viable!
I do not know why the price was moved in such a fashion on Friday. If there was an RNS, there is an excellent chance of it continuing a short term rise if mid-price exceeds 36.5 on Monday morning.
My gut feeling from looking at the chart is that there will be a down movement on Monday for gap closure.
Oh, the abandon ship number is 22.25 Below that would be really very bad.
As for the market itself, still conflicting signals all over the place. One of the guys I respect on ADVFN recons the FTSE is about to skyrocket and my own take is, hmmm. As I mentioned the other day in my gloomy mutterings, it does remain within a logical uptrend and has just bounced off support. Guess it all depends on world events.
And as for VIY, once again they stuffed a perfectly valid proposition of a fall by pretending to go up 6.8%. Or in Vialogy terms, shuffled the spread around...