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Technical Analysis ADM ARNA WNR WFT
Sunday, December 3, 2006
Weekend Update - ADM, ARNA, WNR, & WFT

Archer Daniels Midland CO. - ADM - Weekly Chart
ADM is a current portfolio stock and it is an ethanol play. This week ADM had a bullish outside reversal (or bullish hammer) on high volume, which indicates support. As the chart illustrates, ADM has completed a wave 3 to 4 correction to test the long term up trend line. Indicators and oscillators are still bearish and ADM remains oversold. However, ADM closed up 3.88% on the week at $34.83. My price target remains $46.00 which is the next resistance level.

Arena Pharmaceuticals - ARNA - Daily Chart
As you can see by looking at the chart, the falling wedge turned into a continuation pullback channel, and it is still in a wave 3 to 4 pullback. The pattern is not broken, it just filled the gap. Everything is still intact, ARNA just got a deeper correction than anticipated. The big picture has not changed.
Indicators and oscillators are oversold. Therefore, the risk reward for this stock is favorable for new entries.

Western Refining Inc. - WNR - Daily Chart
The daily chart of WNR illustrates that it is in a cup and handle pattern within a larger ascending triangle pattern. As you can see WNR broke out of the ascending triangle pattern this week to make new all time highs at $29.02. Indicators and oscillators are in a bullish trend reversal. BULLISH.

Weatherford International - WFT - Weekly Chart

The weekly chart of WFT illustrates that it has just completed a wave 3 to wave 4 pullback to test the uptrend line at $37.08. It is in an ascending triangle pattern. The uptrend line held, and remains solidly intact. Price then moved up steadily off of the lows. This week WFT had a strong move and broke the intermediate down trend line decisively with a gain of 7.32% on the week. WFT closed at $44.86 and price target remains at $52.00. The Aroon indicator is still bearish, but the rest of the indicators and oscillators are reversing to the upside.


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