I really don't understand how this people think or analyze. Aseambankers has downgraded the oil and gas sector to underweight on Friday (Oct 31, 2008). They did it after the sector has loss 50 to 80 % of value from the peak! Errr...should you give us a much earlier warning?
Tested the uptrend line at 0.50.
Moving within a downtrend channel.
What happened to this industry's darling? Tested its uptrend line at 0.40.
Broken its uptrend line. Tested the support at around 0.65. If this fails, then the next possible support is at 0.25.
Still in downtrend. No idea where is the support.
Broken its uptrend line. Next possible support is 1.00.
Uptrend line at 0.60 seems to be holding after some panic selling. If this breaks, the next possible uptrend line support is at 0.30.
Broken its uptrend line. Next possible support is at 0.85.
Summary: All O&G counters are still in bear mode. No base building or reversal signal seen. Rebound should happen as they have been very oversold.