Forum Archive Index - June 2002

["Brian & Fiona Brakenridge" <pohuenui.island@xtra.co.nz>]

I've been interested to see what was going to happen with WAM as it approached the "sharp end of the wedge". It was either going to break through quite strong resistence at $3, drop back to support recent uptrend or drop bellow that uptrend. I guess if the latter had happened then we would have had to wait to see if it confirmed the lonterm uptrend.

 

Yesterday it broke through $3. I'm now interested to see if it keeps climbing slowly to hit the next resistence at around $3.17.

 

I suspect we might see a retacement and it's going to be really interesting to see if it does drop back whether or not it finds support at the old resistence of $3. If this occurs will it happen at about the same place the short-term uptrend touches the $3 resistence level.

 

Where to buy?

 

The burning question. Some might say never because they don't like the company... full stop. If you are a short term trader you may have bought around May 8 at the first higher low or at May 15 where the price broke through long-term downtrend at $2.86.

 

I was looking for a point, as a long-term "accumulator", that indicated to me that general sentiment/psychology towards the stock had changed. To me the significant point was at June 5 where the price bounced off or confirmed the short term uptrend. Is it a fluke that this was at precisely the same price level where the price previously broke through the long-term downtrend ($2.86)??

 

The very cautious might wait for the price to break through the next resistence at $3.17. Barring any bad announcement my feeling is that sentiment to this stock has changed for the positive though is very tentative.

 

Time will tell, in the meantime we have a storm brewing so I'm off to tie down the boats and move stock to safer pastures. Hope you North Islanders don't get too much of a beating.

 

Cheers for now.

 

Brian

WAM003.gif

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