Forum Archive Index - February 2000

["Les Mortimer" <les@openmind.co.nz>]

Tony, from mid Nov 1999 at 30c to late Dec 1999 50c forms the basis for my extended trend line and of course a resistance around 80c from early Jan up until today forms the horizontal line this is what I call a long term triangle which gives the time and distance that has to be filled before any further upside movement can take place. Of course if there is a major violation of the trend line then it's time to get out as there nearly was late Jan early Feb 2000.

I believe the hiccup with ITC at the end of Jan and beginning of Feb was caused by overseas market jitters.

On a bar chart their is a smaller triangle forming with a starting point at early Feb at 63c and a new horizontal line at about 78c.

So what I see is a small triangle forming within a much larger one and this for me is a strong indication of a new upward trend about to happen.

Some graphs can distort the picture so I guess time will tell if I am right.

 

Regards Les.