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EnCana Corp - ECA
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December 4, 2006
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Last
Trade
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$52.21
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Volume
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3,646,600
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52-Week
High
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$55.93
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52-Week
Low
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$39.54
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Commentary: For today's chart we've chosen
to take a look at ECA because it is a good example of how the role of a
support level can change once the price breaks below it. As you can see from
the chart below, the bulls have recently pushed the stock price of ECA up
toward an ascending trendline, which also corresponds to a level that most
traders would expect to now act as resistance. Today's bearish
candlestick may be used by traders to confirm the predicted role reversal and
it would not be surprising to see the price of ECA shares have difficulties
overcoming the sloped resistance.
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Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor
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