Forum Archive Index - August 2001

["Paul and Noriko" <pan@muh.biglobe.ne.jp>]

So looking at (admittedly intraday) prices, todays movement seems to have
heralded a new uptrend, right?

----- Original Message -----
From: Phaedrus <Phaedrus@techemail.com>
To: <Sharechat@sharechat.co.nz>
Sent: Sunday, 19 August 2001 14:55
Subject: [sharechat] WHS Chart


> Pedro,
>        As you say, WHS is in a Descending Triangle formation (see chart
below). This pattern indicates that sellers are more agressive than buyers,
and, as Murphy states, is usually resolved to the downside. A decisive Close
below the support level of $5.30 would confirm this as a "Descending
Triangle as a Top" formation, and would signal a major trend reversal.
>   From my perspective, this is largely academic. (I sold at the Trendline
Break). There is certainly nothing that would entice me back in at the
moment, and I note fairly consistent resistance at $6.25 that would need to
be overcome even if the breakout was atypically to the upside.
>   Peter is of course quite right when he says the long-term trend is still
up. It is a question of whether you wish to grit your teeth and hang on,
riding out the corrections, or sell and perhaps buy in again later. The
price has now fallen 10% since the trendline break, and is down 18% from the
peak. This is all profit given back to the market by holding on.
>      Regards,
>               Phaedrus.
>
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