Forum Archive Index - July 2002

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

Phaedrus
I am not trying to say anyone is right or wrong, just showing that chart
patterns can indicate opposites depending on our personal thoughts and the
positioning of trend lines. I tend to work short-term trades using candle
patterns, trend lines and other indicators, but it is obvious whether short
or long term, we all see things differently when looking at our charts.
Hindsight charting is a wonderful thing, but the most important gift a
trader can have is the ability to predict outcomes in the shorter term, and
in this present market climate that is where the gains are to be made IMO.
The final outcome for CLI is unknown, and I have said many times recently on
ST the share is currently still in a downtrend. However, several charts I
have posted yesterday/today indicate the possibility of a bullish pattern
developing. Whether they run to completion is something that will be
determined later in the play.
In the meantime I will continue with short term plays on CLI which to date
have been extremely successful, and at some point in the future we may see a
positive break of the current downtrend line.

Andrew

----- Original Message -----
From: Phaedrus <Phaedrus@techemail.com>
To: <Sharechat@sharechat.co.nz>
Sent: Wednesday, July 10, 2002 12:26 PM
Subject: [sharechat] CLI


> Andrew,
>        Go back as far as you like, the situation is unchanged. Attached is
a chart going back even further, to 1992. For you to speak of Bullish
patterns and "the possibility that the share could be falling back into its
old uptrend channel from 1997" is, at best, fanciful. As Kiwi has noted, CLI
is in a short-term downtrend, within a mid-term downtrend.
>  CLI has been falling for three years now. I would have thought it
extremely difficult to put a positive spin on that fact. You have tried
hard, but I fear it may be at the expense of your objectivity.
>
>       Regards,
>                 Phaedrus.
>
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