take a look at the chart .. look at volume after recent sept 1. run..
RED FLAG.. such a steep uptrend need more volume to sustain itself..
bulls post some rejoinders to make the bull argument as to why this drop in volume since the rise of the phoenix is good..
..enough with the worthless and roinous comments.. we are all here to make money.. we know how you all feel about bhibear.. save it, but me on ignore.. and post useful comments..
Our weekly chart looks as if we can get a bit more upside out of this puppy. If you compare last march with the current part of the chart. As I said in a previous post the energy sector reminds me of the tech bubble days of 98. STO & RSI don't mean much when a bubble is expanding.
chose to ignore me at our own risk.. don't believe me ask Murphy.. surely you know who John Murphy is.. here is what he says..
Law #10: Include volume and open interest. Volume and open interest are important confirming indicators in markets. Volume precedes price. It's important to ensure that heavier volume is taking place in the direction of the prevailing trend. In an uptrend, heavier volume should be seen on up days. Rising open interest confirms that new money is supporting the prevailing trend. Declining open interest is often a warning that the trend is near completion. A solid price uptrend should be accompanied by rising volume and rising open interest. - John Murphy
..so far since the spike all we have seen is declining volume..oh brother the wise ones on this board