Re: [CANSLIM] bvas

From: Spencer48@aol.com
Subject: Re: [CANSLIM] bvas
Date: Mon, 21 Jan 2002 20:21:45 EST

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Stockoper8or:

     Nice analysis.  Also, to add to (or confirm) your belief that Friday's 
price closed above the BO point:  Notice that the RS line is above the Right 
lip of the cup (ie., where the Handle begins).

 jans


In a message dated 1/21/2002 7:46:16 PM Eastern Standard Time, 
stockoper8or@hotmail.com writes:

<< I have seen this stock also showing up on cwhCharts.com.  It looks 
 interesting to me, but here are my two cents:
 
 The only (minor) negatives I see in this chart are that the price-volume 
 action has not been extremely positive since forming the pivot point.  In 
 other words, the ratio of rising days with above average volume to down days 
 with above average volume since the right side of the cup began forming has 
 not been very high. The down volume in the first few days of the handle 
 (12/4-12/6) was pretty heavy.  Since then the volume has indeed dried up, 
 but the upward wedging action of the handle between 12/7 and 1/8 was not 
 very constructive. Nevertheless the selloff to the lowest low in the handle 
 on 1/14, making the handle now "downward wedging", on light volume, and the 
 ensuing strong rising volume the past 3 days has been constructive.  Also 
 the fact that this stock has formed a long handle is positive.  All in all I 
 would say this chart is generally worthy.
 
 (Note that Investors.com gives it a technical rating of 73 which is 
 consistent with a decent but not perfect chart.  Also note that 
 Investors.com calculates the up/down volume ratio of 1.1 consistent with the 
 fact that price-volume action in the past 50 days has been only slightly 
 positive.  While this stock might work, based strictly on its own merits I 
 would say look for stronger candidates.  However since it is in a strong 
 group, ranked 28 out of 193 groups, the rising tide of the group may lift 
 this boat as well.)
 
 The pivot point as defined by drawing a trend line from the peak at the left 
 side of the cup through the peak at the right side was pierced today and the 
 stock closed at its high on the day on nearly 2X average daily volume.  I 
 believe this qualifies as a breakout.
  >>

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