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News Breaks
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November 6, 2009
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| 12:25 EDT |  | SRE |
| theflyonthewall.com: | Sempra Energy: Earnings release technical preview, bearish pattern | | BULLISH CASE: On better than expected news/outlook the stock could trade to the upper limit of the very short-term bullish price channel at $51.39. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $52.27, $53.31, $54.21, $55.23, $56.33, $57.33, $58.60, $59.95. BEARISH CASE: There is a potential bearish flag on the daily chart that will become active on a breakdown below $50.20. Downside potential for the pattern is to the $46.50 area. On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $50.20. On a bearish breakdown below the price channel the following support levels would become downside objectives: $49.26, $48.09, $47.69, $46.94, $46.05, $45.17, $44.50, $43.82, $42.68, $41.70, $40.17. NOTE: Moderate short-base at 3 days to cover, with 1.8% of the float short. Traders are positioned for positive news. Reactions on a surprise, especially a negative one given the small short-base and bearish pattern, have a high probability of being extreme in duration and price. :theflyonthewall.com |
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