Chart courtesy of www.stockcharts.com ( click to enlarge )
I mentioned ENER before as a stock I was watching for an entry on. Stockhas been in a very clear downtrend until some recent consolidation inthe $12 area. There has been a decent increase in volume signaling ofaccumulation. Finally this week stock run up significantly breaking a descending channel forcing some bears to cover their positions. The technical chart shows very bullish sign as the stock is back on top of 50 day moving average. The bias is now bullish in nearest term but remains neutral in medium term. Allindicators are bullish and point to more upside. For now, expect a runup to next resistance area around $19. If the stock is able to cross itand sustain above it, then it might go to $21.27.
