Encana has taken another stab at the $35 resistance line this morning, getting briefly above it in the first hour of trade. Still holding a core position here but will tighten stops if ECA fails to close at new highs today. A break and close below $34 should bring on a retest of the breakout back into the $32-33 area. Also note the bearish divergences that have developed on the RSI and MACD in 2011.