TheUpTrend.com Announces That it Has Initiated Technical Coverage of TransGlobe Energy Corporation (TGL:TSX)

Our current technical analysis for TransGlobe Energy Corporation (TGL:TSX), is based solely on our charts. We do not check company fundamentals, news, earnings or rumours.

(PRWEB) December 20, 2004 -- Our current technical analysis for TransGlobe Energy Corporation (TGL:TSX), is based solely on our charts. We do not check company fundamentals, news, earnings or rumours.

- The current long term trend is up.
- This current up trend would come to an end, only with a weekly close below $5.00.
- Current Long Term Price Support is at $4.69, and then $3.91.
- Current Long Term Price Resistance is at $6.25, and then $7.03.
- This stock has developed a Long Term Price base in the $3.00 area.
- On a Mid Term basis, this stock has recently seen daily Panic Buying, indicating a reversal lower may be is likely.
- A close below $5.75 would confirm that a short term top is in place.

This analysis is based on closing data for the week of December 17, 2004. It will change as time passes, and when new price data becomes available.

Company Profile
TransGlobe Energy Corporation is an international exploration and production company with its corporate office in Calgary, Alberta, Canada. TransGlobe, through its wholly owned subsidiary, TG Holdings Yemen Inc., holds a working interest in two Production Sharing Agreements in the Republic of Yemen where it has participated in new oil discoveries. The first of these discoveries, the Tasour field, was brought into production during 2000. TransGlobe also has producing properties in Alberta, Canada. http://www.trans-globe.com/s/Home.asp

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Our current technical analysis is available to the public for the next 7 days @ http://www.theuptrend.com/chart_samples.asp

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