Saturday, November 22, 2008

Off Topic: Duke Energy

Been a bit busy of late, I will provide a SPY update later this weekend. But here is a little DUK goodness:

Above is the 10 year chart on DUK with the fibonacci retracements from 03 lows to the 08 high. We see there is extremely strong resistance over the 16.71 area as well as resistance at the 15.74 area. $14.33 provides support with the next support at about $12.66.

Now a closer look at the 20 day chart:

We see that there is strong resistance above the $15.23 level. Between 11/4 and 11/19 the $15.74 area did indeed act as strong resisance. For the near term, 14.83 will offer some support, as well as 14.17. Below that is 13.30 (from 10/06/08 low).

To sum it up, the new trading range is likely to be between 14.17 and 15.23 (with bumps at 14.83, and 14.33). If 14.17 breaks, then 13.30 is the next stop and after that its 12.66.

So, you want to buy near 14.17, and sell close to 15.23. Do not be surprised that 14.17 may break.
Also remember these are not exact numbers these areas in which the stock is likely to turn in price. It may turn prior to achieving the level or slightly shooting past the level.


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