Forum Archive Index - May 2002

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

Brian

The chart attached is the one I posted to you personally a few days ago, so it is a few days out of date. (The blue dotted line shows where I thought the share was heading 7 days ago). I believe there is a new pattern about to emerge.

For members on SC interested in TA this is the scenario as it has unfolded.

 

I posted this originally on the Sharetrader Forum - 04/04/2002

.......... The stock is now at an interesting level - right on the bottom of a twin channel line from way back. The next few sessions will be interesting to see if the channel can hold. If it can, there could be a bounce with the possibility of over $3 towards the upper line. (We must still remember this share continues in a downtrend until the upper line is decisively broken). ...........

Follow up Post 05/04/2002

Currently up 5c (after up 12c earlier).The bounce off that trendline I mentioned yesterday has happened. So one to keep a close check on for possible continued upward movement. 20%+ could be available for grabs if it gets moving.......

Follow up Post 10/04/2002

CLI will close around $3.02 - 13c up today and now bounced nicely off and moving away from the lower trendline. It will be interesting to see if it can travel all the way to the top line. If so, that could see it in the region of 3.35 +/-.

Follow up Post - 19/04/2002

CLI should be watched carefully at the moment. I mentioned on the 10th April the stock could reach +/-3.35, and after a near vertical climb over a few days on Wednesday the predicted high of $3.35 was reached ........and the candle formed a Shooting Star, (which was) followed yesterday by a Hanging Man. Both are considered bearish signs. Today in early trading the stock opened at $3.28 and then drifted 4c lower.

Follow up Post - 01/05/2002

The Long Leg Doji that appeared today is not a candle I like to see. - It usually means the share has lost its sense of direction. It would also appear the falling 200 day EMA is working against the share and is acting currently as resistance.
Certainly one to watch very carefully now.

Follow up Post - 08/05/2002

The Bearish Engulfing Pattern created over the last two days gives an 80/20 chance of a fall in CLI's price today. There is an area of support around $3.09/$3.13 that may hold together with flexible tracking support, but a fall through that area could take the price even lower. There are a number of supports that could kick in on any drop and the lower of these is around $2.70 - $2.85 (this is a continually moving figure). My concern is the share pattern shape is taking on an inverted W formation, and if that continues it could take the price all the way down to the lower channel line again. I am sorry I can't be more accurate than that at present, however I am monitoring this stock daily for another buy opportunity.  

Follow up Post - 08/05/2002

Gerry
You mentioned CLI on the PTD thread, and this is just an up-date of the current CLI position.
A rather complex and extremely interesting situation is presently unfolding and I really need to see Monday/the next few day’s candles to make a more accurate prediction of the forthcoming moves.
On the 8th May I mentioned a pattern shape that could form - the inverted W formation, this has now wholly or partially formed. The reason I need to see Monday’s action is to verify if tracking support around $3.06 will stop the share from falling further and completing the bigger inverted W formation. The old support area 3.09-3.13 did not hold, however, there is a confluence of lines and angles that can come in to play in the next few days. The rebound areas for these supports are in the regions of 3.06, and 2.90

Follow up Post - 15/05/2002 (Earlier this morning).

Yesterdays Hammer (candle) shows an element of bullishness, and the spike tested the second support point I mention on 12th May.($2.91). I think the inverted W will soon be completed now, and today's action will give an indication if the reversal is imminent. DMI and RSI are still rising. A further exciting pattern is possibly emerging and I hope to expound more on that in the next CLI post. I feel there will soon be another opportunity arising here.

CP8cli.gif

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