Stock in Focus: Energy Dev’t Corp. (EDC)

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Energy Development Corporation (stock symbol: EDC) has enjoyed a recent minor upswing right after price reversed from sub-5.00 in mid-December. The stock is now

challenging the December highs ahead of resistance around 5.80-6.00. The Commodity Channel Index (CCI) indicator seems to agree with the advance. CCI has reached a new December high following the upmove in recent days.

I would like to see price stabilize at or below the psychological level at 5.00 to give this advance a better chance of continuation.

(Click here to view the original image)

EDC Daily chart, December 26

EDC Daily chart, December 26

 

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