Forum Archive Index - August 2001

["SWLEE" <SWLEE@xtra.co.nz>]

Hi guys,
 IMO,  WHS was forming a "Pennant" lately as illustrated in my graph (point
1,2 and3),  instead of a Descending  Triangle" as suggested by  Pedro's
previously post.
Technically, it is getting rather interesting, because if  the price breaks
out above the "pennent", it is likely to signal an imminent uptrend. I have
pre impose today's price on the chart and it seems to  suggest that a rally
could be imminent if today's closing price can be maintained  day end.
Since the last price trough in early July, the On Balance Volume graph of
WHS is on the upward trend (point 5 on the graph), suggesting that an
increasing money are being poured into WHS shares. "On Balance Volume" is a
"leading" indicator, therefore on balance of probability, the price would
follow the upward trend as the OBV.

So time would tell, but I am putting the money where my mouth is and taking
a punt on WHS. Again, some of you who are more conservative may want to wait
a bit longer to jump in.

Stephen



----- Original Message -----
From: Paul and Noriko <pan@muh.biglobe.ne.jp>
To: <sharechat@sharechat.co.nz>
Sent: Wednesday, August 22, 2001 12:13 PM
Subject: Re: [sharechat] WHS Chart


> 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.
> >
> > _____________________________________________________________
> > Are you a Techie? Get Your Free Tech Email Address Now! Visit
> http://www.TechEmail.com
> >
>
>
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