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Re: [sharechat] ION

From: " Hans van der Voorn" <>
Date: Wed, 22 Jan 2003 19:41:11 +1300

Thanks Phaedrus,

I see in the interim it has drifted down to $2.23. One to keep a close eye

----- Original Message -----
From: "Phaedrus" <>
To: <>
Sent: Monday, January 20, 2003 10:00 AM
Subject: [sharechat] ION

> Hans,
>      Here is an updated ION chart for you. I have marked the trendline
break buy and sell signals with arrows. Note that the latest price is
exactly on the current trendline - a fall in price here would trigger a
>  The significance of the $2.33 peak was not so much the resistance level
it marked, but more the fact that prices had to close above this to give a
new medium-term uptrend. This they failed to do - note though that the
intraday highs were identical - to the cent. Then prices fell again - right
back to the previous support level.
>  There is clearly good support at about $2.02. Prices have fallen to this
level many times, but buyers have always come in around then, raising prices
again. Some people will try and tell you that this means nothing at all - it
is mere happenstance. To me it is self-evident that a Close below this level
has negative implications. It would mean that buyers have not come in where
they had in the past, clearly signalling a change in market sentiment toward
this stock.
>  It is interesting to note the intraday support at $1.94. Again, any
trading at prices lower than this would have negative connotations.
>  I would be surprised to see ION break the $2.02 support level. If it did
though, I would not go near this stock, no matter what its fundamentals. If
you want to see what typically happens when stocks fall below previously
well supported levels, take a look at the charts of TRH and TWR.
>              Regards,
>                      Phaedrus.
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