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ECU SILVER Toward a Positive End of the
Consolidation Phase Technical Analysis By : Patrick Langenberger |
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ECU SILVER Profile : http://www.24hgold.com/InfoCompany.aspx?id=171 ISIN : CA26830P1053 Technical indicators point
to a positive end of the consolidation phase. After a very high upward movement
in the first months of the year, which saw a 654% increase between 0.44 and
3.40 (May 11th), Ecu Silver has been trading in a
slightly negative consolidation trend. Nevertheless, no major
technical damage has been done, despite two downward drifts, first to 2.29 on
Mai 19, second on 2.15 on June 14th. This consolidation has
morphed in the past few weeks into an accumulation phase with, very recently
(August 8th and 9th) , upward
movements in large volume. Other
technical indicators also show strength, and our specific indicators show a
definite upward trend. Thus, a new upward move
should be in the works, with 2.76 as a first resistance level. A second resistance level at 3.32,
corresponding to the highest point reached in May, would be the ultimate
level over which a large acceleration could happen. Thus the very classic flag
configuration we have seen since January 2006 allows us to consider a
potential of 4.45 to be reached between November and December. Patrick Langenberger 24hGold Information
contained herein is obtained from sources believed to be reliable, but its
accuracy cannot be guaranteed. It is not intended to constitute individual
investment advice and is not designed to meet your personal financial
situation. The opinions expressed herein are those of the author and are
subject to change without notice. The information herein may become outdated
and there is no obligation to update any such information. The author,
24hGold,entities in which they have an interest,
family and associates may from time to time have positions in the securities
or commodities discussed. No part of this publication can be reproduced
without the written consent of the author. |
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