Forum Archive Index - July 2001

[jerrold poh <pohj@ihug.co.nz>]

Phaedrus,

I can't remember where I read it, but I recall a saying which goes along
the lines of, "in the average market, a bull likes to walks up the
stairs, whereas a bear preferres to jump out the window".  

Charting with trends, support levels, etc, it seems that you are able to
show quite well the direction that a stock is going, and not just in the
up, but in the down aswell.  Have you ever shorted stocks (since bears
like falling out windows), and if so, how sucessful were you compared to
just buying shares which appreciate?



Jerrold.


On Sat, Jul 28, 2001 at 04:39:43PM -0700, Phaedrus wrote:
>   It is interesting to compare this chart with that of CEN. ITC shows
>   a Descending Triangle, which is the mirror image of the Ascending
>   Triangle shown by CEN. This is a Bearish pattern, which usually
>   breaks out on the down side. This happened about 2 weeks ago. The
>   support level of 16 cents was broken, and, as is often the case, it
>   then became a resistance level.
>
>   Technically you would not touch this stock with a bargepole. It has
>   been in a confirmed downtrend for well over a year and the
>   Descending Triangle was very bearish. When it broke through the 16
>   cent support level (about 2 weeks ago) it was the kiss of death.
>
>                  Phaedrus.
> 
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