AI
Monday, January 26, 2004 12:49:10 PM
Chris:
Further to our discussion, here's the chart to watch.
If it looks like a double top, is it a double top? Next resistance to the downside about 202. Lower lows since Dec 1st.
However, ADX looks bad, but is under 20 and -DI looks to be putting in a top. Look what's happened whenever STOCH gets to these oversold levels. Five months up and now 2 months down and sideways. Kangaroo tail has been set today for a possible reversal. EOD will tell. Pivotal point, same as last week when it broke up. If down get out, but if up, even if to what may look to be a triple top, we will get a good run here and possibly a breakout of that 260 level.
On Toronto, the situation looks even worse, with not only lower lows, but lower highs as well. ADX is slightly above 20 which means use MACD instead of STOCH, but there really is no difference, again showing very oversold but not turned up yet.
As we discussed, these formations that look like double tops, or repeated patterns are showing in many of the gold stocks. For two months its been down and up and down. Everyone's worried and like you many have turned bearish. If HUI closes flat today then the reward here is just too tantalizing to miss and with tight stops limit your risks.
Further to our discussion, here's the chart to watch.
If it looks like a double top, is it a double top? Next resistance to the downside about 202. Lower lows since Dec 1st.
However, ADX looks bad, but is under 20 and -DI looks to be putting in a top. Look what's happened whenever STOCH gets to these oversold levels. Five months up and now 2 months down and sideways. Kangaroo tail has been set today for a possible reversal. EOD will tell. Pivotal point, same as last week when it broke up. If down get out, but if up, even if to what may look to be a triple top, we will get a good run here and possibly a breakout of that 260 level.
On Toronto, the situation looks even worse, with not only lower lows, but lower highs as well. ADX is slightly above 20 which means use MACD instead of STOCH, but there really is no difference, again showing very oversold but not turned up yet.
As we discussed, these formations that look like double tops, or repeated patterns are showing in many of the gold stocks. For two months its been down and up and down. Everyone's worried and like you many have turned bearish. If HUI closes flat today then the reward here is just too tantalizing to miss and with tight stops limit your risks.
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