Go to Jeff Salisbury LWGate Home Page.From: esetser <esetser@covad.net>
Subject: Re: [CANSLIM] PENN
Date: Thu, 10 Jan 2002 20:19:33 -0800
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Here's my take (a good exercise, since I own it!) Cup started on 7/3/01 with a high of 27.98, hit a bottom just after 9/11 (like most of the market). At that point, it started the right side of the cup, and worked up to a new high. I see a short 4 day handle around the Thanksgiving, and then a breakout on 11/27. From there, it formed a new handle, pivot 26.89 for 6 days, and broke out strongly on 12/7 with much higher volume than the breakout from the previous shorter handle. I purchased the next day, but the stock pulled back for 2 days, testing any CANSLIMers mettle, but then recovered back above the pivot, moved up, had another 2 day test, and then moved on up to a new 52 week high. The action since then has been a consolidation of the previous moves up, more than 20% in 3 or 4 weeks. During this time, it had tested the B/O over the 52 week, but has moved higher after each of those tests so far. Over the last 7 of 8 trading days, it has once again formed a handle, in this case a "high handle" slightly above the 52 week high. The high of the handle is 30.70, and I would think a strong move above it on good volume would offer another potential buying opp for a CANSLIMer. Others agree? At 06:24 AM 1/10/02 -0600, you wrote: >How do you evaluate a chart like PENN. I first entered this stock on 11/27 >when it appeared to be breaking out of a very short handle. I was stopped >out in about a week on 12/5. Now it appears to be forming another handle. >Do you still treat this type of formation as a c/h even though there appears >to be several small failed handles on the right side of the base? > >Thanks in advance for your input. > > >- >-To subscribe/unsubscribe, email "majordomo@xmission.com" >-In the email body, write "subscribe canslim" or >-"unsubscribe canslim". Do not use quotes in your email. > > - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
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