Stock Chart Analysis CAM

Posted by downtowntrader | 11/26/2007 08:55:00 PM | 0 comments »

Stock Chart Analysis CAM

Cameron International Corporation (Public, NYSE:CAM)

While I'm not bearish on the markets right now, I do think oil stocks are looking like they may slide some more. The XLE and OIH etf's are looking weak and many individual stocks are up against declining 20 day sma's. I'm showing CAM below, but many stocks have similar patterns so as the sector goes, so will this. CAM has moved sharply the past few days from a breakdown low of 85.51 to an intraday high today at 96.51. It then failed at the declining 50 day sma and ended up forming a shooting star candle. This can mark a reversal depending on how the type of follow through it gets the next day or two. The 20 day sma also just crossed under the 50 day sma which is another negative bearish signal I use. All in all this looks like a decent shorting opportunity if it can start making lower daily lows here.

Good Trading,


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