redbacka's - what does that tell us - thursday, page-39

Hi PB,

Here's a weekly chart for KOL.

In a long term down trend. Four weeks ago it started a short term up trend. This week's candle is, so far, taking the shape of a "dark cloud cover". Bearish.

Anybody with a sharp eye will also note the completed Head/n/Shoulders pattern that you have previously referred to. Why it should have any correlation to OEX is beyond me.

Here's a pie chart of the composition of the OEX:

You'll note that Energy makes up over 15% of the Index. None of those Energy companies are coal companies. They are all petroleum related companies.

So the fact that the chart for Coal Companies and OEX are quite different shouldn't surprise.

Just for reference, here again is a chart of OEX - with some trend lines and support/resistance lines drawn.

Redbacka