Trader's Logbook

The area for EDC‘s price to move has been getting narrow each day but I think its not yet time for a break out. Last Friday it went up as high as 6.69 (within resistance zone) but settled at 6.57 We have been seeing a higher lows but it seems it is still having a [...]

EDC retreated by 1.53% and is now in the mercy of the 20-day SMA line (our current support line). Just like what happend on previous rise to 6.60 mark it corrects before continuing. Will there be a chance this will happen again? I think what happen today together with other stocks is that some traders [...]

We have been speculating that this stock will hit the resistance and eventually close the gap above but it seems it is taking a little bit slow. It seems we have an immediate resistance at 6.60 as we have experienced for the last two days. This week should be enough for us to see where [...]

EDC went up as high as 6.54 but settle for 6.44 at the closing. Although it was not able to close at the high, the presence of the bulls can now be felt after long days of being gone. If the bulls can hold their ground, this might close the gap very soon. The same [...]

EDC continues to go down and the same question we were asking last week, EDC going to hit lower end? Some may consider doing a test buy around 6.26 with a speculation that it will bounce from there and start to climb but the upper limit of the range and eventually break the resistance. But at [...]

Last time we talked about ENERGY DEVELOPMENT CORP. it was at the mercy of its support at 61.8% Fibonacci Retracement level and at the same time we are seeing a possible rectangle formation being developed. The last 3 trading days shows that the price slipped from the support line. It looks like EDC will be heading [...]

EDC have a gap to be filled soon but filling this gap is a big challenge as we see strong resistances before hitting 7.00 Current price is on the support line which is our 61.8% Fibonacci retracement level. This area of interest has some action before which tells us this might hold but at the [...]

EDC made a good opening last Monday and continued the ascend on Tuesday but seems a correction might be felt in the coming days as we see an Engulfing Pattern on today’s chart. Will it dip to close the gap made last Monday? Engulfing Pattern needs two candlesticks where the first candlestick is a small [...]

Not our book definition but current candlesticks formation of EDC looks like a Ladder Bottom. It is where we see 3 consecutive red candlesticks and followed by a small one (this case its green) then on the 5th day, a large green candlestick. This formation suggests that after the bears rule the battlefield, we have [...]