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From: | "Rick Nelson" <rick@signalgroup.co.nz> |
Date: | Mon, 8 Jan 2001 18:11:43 +1300 |
Peter,
re: SKY. Not a stock I really follow but my comments for what they are
worth follow.
Looks like a
share that seems to move up/down quickly and then "bounce" back before moving
again.
"Bounced" out of the downtrend that was established in mid August
during the first week of December and looks like the bulls are trying to take
control although as to be expected there are sellers around looking to exit on
this rebound from lows of $2.60.
Interestingly when looking at the candlesticks the bottom formation
began with a gap break down on 21 Nov and then a gap break up on 5 Dec then
it track up to resistance at $3.10 with some good volume during initial
trades at this level (400k - 500k traded a day).
Broke
through that resistance at $3:10 on Friday with another gap break on good volume
again. If there are still sellers out there it may come back to $3:10 but
this should now be a support level - a break below it down to $3.00 would be of
concern and probably signal that the downtrend has returned.
Looks
positive at the moment to me though if it holds support at $3.10. Expect
resistance levels at 3.20, 3.50, 4.00 and 4.20.
Rick
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