Forum Archive Index - February 2003

[Phaedrus <Phaedrus@techemail.com>]

Allan, 
      I can't tell you whether todays drop is justified or not, but I can tell 
you that it is significant. Price action has plunged through the $7.00 support 
level which had held for months. As I have mentioned previously, significant 
support/resistance levels are often found at whole numbers. That's why your 
stops should be set just below a round figure, never at one.

Rory,
     You shouldn't have been totally blindsided by this - WHS is, after all, in 
medium-term downtrend, and has been for about 8 months. It has also been in a 
short-term downtrend for about 2 weeks. This is simply a continuation (and 
acceleration) of these existing trends. The magnitude of the move is 
surprising, though. There was a trendline break Sell signal about six months 
ago.
        Regards,
                Phaedrus.
PS:- Shouldn't you expect left hand jabs from Mike Tyson? (Perhaps I am 
revealing my lack of boxing knowledge here!)

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