Forum Archive Index - October 2002

[Phaedrus <Phaedrus@techemail.com>]

Holden,
       I would agree that what you marked on your HIG chart is a bullish 
consolidation pattern. I would have drawn the upper line sloping upwards 
though, as per the chart below.
 Should the price drop significantly below the current support level of about 
27, a bearish double top formation would be confirmed. For my money, this is 
unlikely, for the following reasons :-
 (1) There is good recent support at 27 
 (2) This support coincides nicely with a previous resistance level
 (3) HIG has recently made a 4 year high
 (4) There is a big (4x) volume increase suggesting a volume climax
 (5) Yesterday's candle was a long-legged Doji, often found at turning points.
 HIG could be in a 27 - 39 trading range. Time will tell.

 Re posting charts. It is better to use .gif format rather than .jpg because 
files are much smaller and thus faster to load. (15KB instead of 55Kb in this 
instance) There are full instructions on how to do this in the Education 
section of ShareChat, under "Learning to Invest" 
http://www.sharechat.co.nz/archives/2002/06/msg00020.shtml
 I am sure you would find this easier than using MS Paint.

             Regards,
                         Phaedrus.

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