Today we will analyze the stock ELGI TREAD (ELGI.BO) for internet stock trading in the BO stock market,
Stock Technical indicators to notice in ELGI TREAD (ELGI.BO)
1- Last bullish trend was from 9.19 $ (1/3/2011) to 9.60 $ (1/5/2011) a 0.41 $ move 2- The current bearish trend started from 9.60 $ at 1/5/2011 and is currently trading at 8.79 $.
3- According to ADX Indicator, the trend is currently bearish, which is getting stronger.furthermore, the ADX indicator location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
ELGI TREAD (ELGI.BO) Short term stock chart patterns for internet stock trading :

4- The Stock formed Double Top Pattern at 9.600 .
ELGI TREAD (ELGI.BO) Mid term stock chart patterns for internet stock trading :

5- The Stock was resisted by a resistance line, identified by two points: 9.650 and 13.120 that was broken up at 9.450 transforming into a supporting line.
ELGI TREAD (ELGI.BO) Long term stock chart patterns for internet stock trading :

6- The Stock formed a 4.920 $ height triangle which was broken down at 11.040, target of the pattern is 6.120.

Stock Trading Conclusion:
ELGI TREAD (ELGI.BO) was trading in a bearish wave, which is becoming stronger .
Technical indicators and stock chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles in online trading. .

Stock Resistance Levels : 8.98, 9.10, 9.20, 9.29, 9.60, 13.26.
Stock Support levels : 7.05,.