Forum Archive Index - February 2003

[Phaedrus <Phaedrus@techemail.com>]

W69,
     Charts certainly don't come much cleaner or clearer than this. How some 
people can claim that the whole concept of support and resistance is baseless 
is beyond my comprehension. Take a look at the two 1999 peaks at the top of the 
chart. Even though they occurred ten months apart, they coincided exactly. To 
me, this is very clear evidence of sustained buyer resistance at that level. 
The market had decided that TLS was worth a maximum of $9.16, and not a cent 
more. Resistance.
 The downward trendline that was first drawn in March 2000 has been respected 
repeatedly, and continues to do a superb job of keeping you out of this stock 
as it has done for three years now.
 Trading TLS using breaks of longterm trendlines as buy/sell signals has given 
but one trade in over 5 years, nevertheless capturing most of the potential 
capital gains. 
 From my perspective, this was a wonderful stock on which to base an extensive 
FA/TA debate. You can't help but feel a little bit sorry for those that have 
held (or bought) TLS on the basis of its good fundamentals, though.
 In my opinion, anyone wanting to buy TLS should at the very least wait until 
price action breaks above the current longterm trendline.

       Regards,
                 Phaedrus.

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