Forum Archive Index - October 2002

[Holden Glova <dsafari@paradise.net.nz>]

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On Thu, 10 Oct 2002 12:20, Phaedrus wrote:
> Holden,
>        I would agree that what you marked on your HIG chart is a bullish
> consolidation pattern. I would have drawn the upper line sloping upwards
> though, as per the chart below. Should the price drop significantly below
> the current support level of about 27, a bearish double top formation would
> be confirmed. For my money, this is unlikely, for the following reasons :-
> (1) There is good recent support at 27
>  (2) This support coincides nicely with a previous resistance level
>  (3) HIG has recently made a 4 year high
>  (4) There is a big (4x) volume increase suggesting a volume climax
>  (5) Yesterday's candle was a long-legged Doji, often found at turning
> points. HIG could be in a 27 - 39 trading range. Time will tell.

Thanks for your comments Phaedrus. I'm finding the technical analysis 
techniques quite interesting. Your comments highlight the detail that needs 
to be paid to everything on the chart. Today showed another 1c decrease. The 
recently increased volume I believe has to do with another an announcement 
put out last Friday that stated anyone who was a share holder by tuesday 
would be eligible to buy up to 20 000 more shares at 25c. I certainly believe 
that this is influencing both the increased volume and the decreased price as 
current shareholders sell some shares to rebuy at 25c. I'm going to watch 
this one more - I'm trying to identify the intermediate trends of this 
company.

>  Re posting charts. It is better to use .gif format rather than .jpg
> because files are much smaller and thus faster to load. (15KB instead of
> 55Kb in this instance) There are full instructions on how to do this in the
> Education section of ShareChat, under "Learning to Invest"
> http://www.sharechat.co.nz/archives/2002/06/msg00020.shtml I am sure you
> would find this easier than using MS Paint.

I've read your post on this subject when I first started getting interested in 
shares - thanks for posting it. I didn't see an option to save as .gif 
though. I'm no license expert but I believe this is something to do with 
SGI's ownership of the GIF format, and this is why PNG has come to exist, no? 
I don't have any windows boxes, perhaps this is also why I can't do a GIF 
(Don't have the GIMP installed). Sadly the people who make these nifty 
charting programs don't put out a Linux version. Out of curiosity - with 
something like metastock do you pay extra for the data? Where do you get the 
data from? Is it a daily task that you run to keep it up to date?

>              Regards,
>                          Phaedrus.

- -- 
Signed,
Holden Glova
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