Forum Archive Index - October 2001

[Phaedrus <Phaedrus@techemail.com>]

Matthew,
         Re your comments :-   
>>> What I see here is that ITC are now at the beginning of an uptrend <<<  
>Right. For the first time in well over a year ITC is above a confirmed 
>trendline, and in an uptrend.
>>> Would I be correct in saying that they should go to 16c in the near future? 
><<<  No. Who knows what they will do in the future. If the uptrend does 
>continue, we can reasonably expect resistance at levels of previous 
>resistance, specifically at 9, 13.5 and especially 16 cents.
>>> if a break through there occurs could it be all on for a big ride? <<<  Why 
>should there be a big ride? There are plenty more historical resistance levels 
>that would need to be overcome. Take a look at the double top at 21 cents for 
>example. As you rightly observe though, a break above the 16 cent resistance 
>level would be significant. 
  All we really know is that a system that has very effectively (and 
profitably) kept us out of ITC for well over a year will now permit a purchase, 
if we wish. This is clearly significant. Exactly how significant will be 
revealed by future price movements.
        Regards,
                  Phaedrus.

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