Empyrean Energy

marnewton - 4 Jan'06 - 09:18 - 2081 of 2081 edit


If you perform a Fibonacci study based on the all time intraday high and low of EME the 50% retracement level is 35.25p, which acted as resistance for the second half of December.

On breaching resistance yesterday EME moved up to just above the 23.6% level at 42.5p.

With such a volatile share and a short chart history it's difficult to make worthwhile conclusions, but, the balance of probabilities is we'll consolidate here for a while...without news, that is!

Apart from a slightly overbought condition the majority of indicators are bullish.

M

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I should have mentioned...

The 38.2% Fibonacci level is 38.5p...today's intraday low...

hmmm...support?

M