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Top Bears Reasons To Sell — Vote below!

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 Head & Shoulders top formation indicating a top.

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Company: CNOOC (CEO)/Bears
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edit Head & Shoulders top formation indicating a top.

Top Contributor: Yechiel Cashman | Last edited on 06/26/08 | Edit | History

After a breakout on non-impressive volume from the wide trading channel from December 2007 - April 2008, the stock formed a sloppy Head & Shoulders topping formation which is a bearish sign for the stock. The left shoulder was in late April, the head peaked around May 20th, and the right shoulder (lower than the left) was in early June. This should indicate that the stock is no longer in a bullish pattern.

All this being said, the stock trades with high volume days, and is one of the stronger stocks in the market (the RSI is high). Further, institutional investors are actively trading this stock (most recently, they've been selling it) and they are still invested in it which is a good signal.

All this being said, this is not a stock to short, but it is a stock that has posted a few warning signs that it is not one of the stocks to be investing in.

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