Forum Archive Index - February 2002

["andrew cottingham" <arco@adinfinitum.co.nz>]

 

----- Original Message -----

From: andrew cottingham

To: andrew cottingham

Sent: Monday, February 18, 2002 10:37 PM

Subject: PDP.- Pac Dunlop

One perhaps to keep an eye on when it breaks out and closes above $1.17.

The share has completed a (bullish) cup and handle formation June through December 2001 and is currently in a consolidation pattern. Completed a 'Morning Star' pattern 7th-11th Feb with 19.8 million traded Monday . Tried to break resistance Thursday at $1.17  on high volume forming a bullish engulfing pattern.This morning the price nudged over the resistance again for a brief period.

What I find very interesting today is the depth. At 1pm on 4 levels there were 1,475,446 shares required by 40 bidders. On offer to 4 levels there were 1,014,163 shares for sale by 84 sellers. That means the average buyer wants 36886 and the average seller is selling 12073. By 3.30 the average had moved virtual 4 to 1 (40222 to 11467). I therefore consider small money is selling out and bigger money is buying in. Macd is about to cross the zero line. Medium term objective would be $1.50 +/-.

Interesting article this morning re PDP on SMH
http://www.smh.com.au/news/0202/18/biztech/biztech4.html

 

Andrew

pdp 18.gif

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