Forum Archive Index - August 2001

[Phaedrus <Phaedrus@techemail.com>]

Jefley,
        CLH is at an interesting point. The long-standing uptrend has ended 
(the trendline has been broken), and a new downtrend is under way. The price 
has fallen steadily, and is now at a previous support/resistance level (about 
$4.40). It will either bounce off this again, forming the beginning of a 
trading range, or it will penetrate it, in which case the outlook is quite 
negative. 
  Note the following points of interest :-
(1) There was a very clear Price/Volume climax at the end of June when the 
price peaked. These commonly mark significant turning points.
(2) See how most every secondary high during the uptrend was accompanied by a 
volume spike, and that the volume climax at the June peak was much bigger than 
any of those that had gone before. This is an indication of its relative 
significance.
(3) See how volumes have been substantially higher ever since prices have been 
falling from the peak of late June. Healthy uptrends have higher volumes on up 
days than on down days. Stated another way, many are bailing out, and sellers 
are overwhelming available buyers.
  Technically, this stock was a Sell weeks ago, and price action since then has 
confirmed this. Don't touch it.
          Regards,
                    Phaedrus.
PS: I have just now looked up todays close.  $4.27.

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