Forum Archive Index - January 2003

["Peter Riches" <peter@kairos.ws>]

Excellent commentary as usual thanks Phaedrus. (I was actually going to ask
you for your read on OWN but accidently hit send before I finished my email
so thanks for reading my mind as well!)

PR
----- Original Message -----
From: "Phaedrus" <Phaedrus@techemail.com>
To: <Sharechat@sharechat.co.nz>
Sent: Wednesday, January 22, 2003 7:03 PM
Subject: [sharechat] OWN Chart


> Peter,
>       Owens had been in a downtrend for about a year - the trendline was
broken on 9/1/03 giving an entry at 82 cents. This confirmed a moving
average crossover buy signal from 12/12/02.
>  Note the bearish "Double Top" formation marking strong resistance at
$1.45. Note how the downtrend reversed at the same price as it did 19 months
earlier. This marks strong Support at that level.
>  It amuses me when people like Hugh and Capitalist claim that the entire
concept of Support and Resistance is baseless. I see numerous instances of
it every day. This chart is yet another excellent example. It would be odd
if the market did not have a memory - after all it is composed of people who
certainly do remember. Whatever the forces were that reversed the downtrend
in May 2001, they are clearly still active, still exerting influence, and
still kicking in at the same level.
>  Guess who would not be at all surprised if OWN again encountered some
resistance at $1.45!
>
>      Regards,
>                 Phaedrus.
>
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