Forum Archive Index - October 2001
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[sharechat] CLI
CLI has been in a downtrend lasting some 6 weeks. It closed yesterday at
$2.80, thus has now broken through the downward trend line.
Note the price/volume climax on 28/9/01. The are typical of major turning
points. The volume of 2.4 million shares traded is the highest on the chart.
Note the much lower Low of $2.30. See how buying pressure overcame selling
pressure to Close much higher than the Low. ($2.46) This forms a Candlestick
with a long lower "shadow", again very typical of a significant turning point.
The Close yesterday was almost at the high for the day, a bullish sign, hinting
at further rises to come.
While the downtrend has ended, technically there is not an uptrend until there
is a higher High after a higher Low.
Phaedrus
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