Forum Archive Index - June 2002

["andrew cottingham" <arco@adinfinitum.co.nz>]

Brian

You may find my charting ideas may differ to yours, or those of Phaedrus.

I have marked on the chart what I consider the resistance points. (5 points from $4.29 to $4.80 within the box).

As you say, BCA is still in a downtrend situation and it would need to penetrate the upper pink dotted line positively to make one think a possible new direction could be underway. The old downtrend channel is denoted by the dotted parallel pink lines. Red dotted are support/resistance. Blue dotted are Fib points. As a short term trader I would be looking for a candle reversal pattern and other indicators around any of the resistance lines.

Lower pane shows how RSI can be used to good effect.

Bollinger Bands presently indicate the price could test the resistance around $4.75-4.80 again.

Hope everything is clear. If not, please ask again.

Andrew

----- Original Message -----

From: Brian & Fiona Brakenridge

To: sharechat@sharechat.co.nz

Sent: Saturday, June 22, 2002 6:23 PM

Subject: [sharechat] BCA chart update

There is a real temptation to jump in with the rest of the herd and grab some while they are still relatively "cheap". Without the chart this tempation would be even greater because you could easily forget how much they have dropped and how jittery the market has been to even the slightest negative news.

 

It is still in a long-term downtrend.

 

Phaedrus, is it likely that the reasonable support around $4.77 may become resistence again as it did 27/5?

 

It has broken through short-term downtrend and is now sitting right on the medium-term downtrend line.

 

I'm wanting to see it break through this line then confirm the up-trend with a couple more higher lows or a break through the $4.77 support/resistence level.

 

I'm also very interested to see if it does drop back a little whether or not it finds support at the same point the medium-term downtrend crosses the marginal support line at about $4.11 on around 27/6. Phaedrus will mark my effort down severely for even suggesting this because it comes very close to making a prediction and this is most definitely a no-no. It's just one of those spooky little occurrences I've seen happen on some of the other charts and is fun to watch if nothing else.

 

Trader100, Andrew C, any thoughts?

 

Cheers

Brian

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