Here's my technical analysis of alternative energy producer Energy Conversion Devices (NASDAQ:ENER):
* ENER started its current descending process in the middle of May '06, when it was just above the $55 mark.
* Within one month the stock lost about 40% of is value, when it dropped to the $32 mark. From the middle of June and into the first week of July, shares of ENER rallied back to the $37 mark.
* In the second week of July, the stock declined again falling to the $32 mark.
* This is known as a double bottom pattern. On Thursday the stock created the hammer in a downtrend pattern, while on Friday, ENER went up. These patterns are a good indication of another rally ending in a downtrend.