Today we will analyze the stock PETROLEUM GEO (PGS.OL) for internet stock trading in the OL stock market,
Stock Technical indicators to notice in PETROLEUM GEO (PGS.OL)
1- Last bullish trend was from 78.95 $ (4/23/2012) to 86.35 $ (4/30/2012) a 7.40 $ move 2- The current bearish trend started from 86.35 $ at 4/30/2012 and is currently trading at 80.35 $.
3- PGS.OL current support level is at 78.95 which is the 100.00 % fibonacci retracement of the last 7.40 $ move.
4- PGS.OL current resistance level is at 81.78 which is the 61.80 % fibonacci retracement of the last 7.40 $ move.
5- 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.
PETROLEUM GEO (PGS.OL) Short term stock chart patterns for internet stock trading :

6- The Stock was supported by a support line, identified by two points: 78.950 and 77.050 that was broken down at 79.300 transforming into a resistance line.
PETROLEUM GEO (PGS.OL) Mid term stock chart patterns for internet stock trading :

7- The Stock formed Double Top Pattern at 86.350 .
PETROLEUM GEO (PGS.OL) Long term stock chart patterns for internet stock trading :

8- The Stock was resisted by a resistance line, identified by two points: 86.750 and 87.650, and is currently resisting at 85.814.

Stock Trading Conclusion:
PETROLEUM GEO (PGS.OL) 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 : 81.77, 81.78, 82.37, 82.64, 82.65, 83.35, 83.52, 84.06, 84.60, 85.81, 86.28, 86.35, 86.93.
Stock Support levels : 78.95, 76.94,.