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Monday, March 24, 2008

MEMC Electronic Materials, Inc. (WFR) Technical Analysis

Today we'll analyze the Stock WFR for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 81.55$ (02/22/08) to 74.11$ (03/07/08) a 7.44$ move
2- The current bullish trend started from 74.11$ at 03/07/08 and is currently trading at 81.79$.

3- The stock current support level is at 81.55 which is the 100.00% fibonacci retracement of the last 7.44$ move.
4- The stock current resistance level is at 83.57 which is the 127.20% fibonacci retracement of the last 7.44$ move.
5- According to ADX, the trend is currently bullish,which is becoming weaker.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Short term chart patterns :
6- The Stock formed a 25.4$ height triangle which was broken up at 81.05 in higher than usual volume, target of the pattern is 106.45.
Mid term chart patterns :
7- The Stock formed a 25.4$ height triangle which was broken up at 81.05 in higher than usual volume, target of the pattern is 106.45.
Long term chart patterns :
8- The Stock formed a 25.4$ height triangle which was broken up at 81.05 in higher than usual volume, target of the pattern is 106.45.

Conclusion:
WFR was trading in a bullish wave, which is becoming weaker .
Technical indicators and chart patterns show highly volatile movements favoriting bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
.

Resistance Levels: 83.57, 86.15, 106.45,.
Support Levels: 81.55, 79.98, 78.86, 78.71, 77.95, 77.83, 77.25, 77.04, 76.95, 75.87, 74.11,.


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Shadi
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We Moved!!!

Please check our new site : The stocks profit, for
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you can also subscribe to its RSS feeds or newsletter to get updated when new analysis is posted
GO ahead and click in!read the latest technical analyis of all the TSX, NYSE, NASDAQ, AMEX stocks and find
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Shadi