Double Check
I mentioned in my last Big Picture Speculator Snapshot that many of the energy had printed "hammer" candlesticks on Wednesday. The examples I used were of a uranium and a coal company but there were numerous oil and gas companies that I could have used as well. Now that energy names are starting to surge again, I have been looking for interesting chart patterns. PetroKazakhstan (PKZ.TO) came up on the TSX "high volume gainer" list with 1,438,000 shares traded, over 4 times the 60 day moving average volume of ~300,000 shares. I was thinking it might make a nice long candidate based on the sector turn and high volume.
Then I checked the NYSE listing (PKZ) - that chart looked rather dull with a below average 372,700 shares compared to a 60 day MA of ~775,000 shares.
While trading was positive on above average volume, the spike on the TSX listing was not indicative of the entire picture. PetroKazakhstan is still worthy of consideration but the TSX volume spike is somewhat misleading.
Not Advice
Try the
free for 30 days.
Then I checked the NYSE listing (PKZ) - that chart looked rather dull with a below average 372,700 shares compared to a 60 day MA of ~775,000 shares.
While trading was positive on above average volume, the spike on the TSX listing was not indicative of the entire picture. PetroKazakhstan is still worthy of consideration but the TSX volume spike is somewhat misleading.
Not Advice
Try the
free for 30 days.