Today we'll analyze the Stock ngls for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 26.15$ (12/14/07) to 29.13$ (12/28/07) a 2.98$ move
2- The current bearish trend started from 29.13$ at 12/28/07 and is currently trading at 21.18$.
3- The Stock was supported by a support line, identified by two points: 26.15 and 25.9 that was broken down at 26.01 transforming into a resistance line.
4- According to ADX, the trend is currently bearish, which is getting stronger.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Conclusion:
ngls is currently trading a bearish wave, which is becoming stronger .
Technical indicators and chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: 23.06, 24.22, 25.15, 26.09, 26.59, 29.13.
Support Levels: .
We Moved!!
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Shadi
Thursday, March 20, 2008
Targa Resources Partners LP (NGLS) Technical Analysis
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have a nice day,
Shadi
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