Re: [CANSLIM] Advice on using weekly vs. daily charts

From: Chazmoore@aol.com
Subject: Re: [CANSLIM] Advice on using weekly vs. daily charts
Date: Tue, 27 Aug 2002 00:13:37 EDT

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Bob: As I read the chart the left hand lip of the cup formed on June 3, 2002, 
when the price hit an intraday high of $32.70, the highest price during the 
previous 52 weeks, or for that matter, an all time high.
The bottom of the cup formed on July 27, 2002, when the stock registered a 
low of $23.10. On August 1, 2002, the cup was completed at a price of $30.35. 
Over the next five days volume dried up and then on August 12th the stock 
completed a breakout with volume of 438,700 (142% above normal) to a price of 
$33.85.

The stock went on to make a new high last Monday, but has since fallen back 
to just above the pivot point ($30.86 versus $30.35)
Now it gets tricky. This may be another opportunity to buy the stock at a 
price very close to it's breakout, or it may mean the c/h is failing.
I am no technical expert but my guess is that this one has failed for the 
time being. I hope I am wrong.
Charley

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<HTML><FONT FACE=arial,helvetica><FONT  SIZE=2>Bob: As I read the chart the left hand lip of the cup formed on June 3, 2002, when the price hit an intraday high of $32.70, the highest price during the previous 52 weeks, or for that matter, an all time high.
<BR>The bottom of the cup formed on July 27, 2002, when the stock registered a low of $23.10. On August 1, 2002, the cup was completed at a price of $30.35. Over the next five days volume dried up and then on August 12th the stock completed a breakout with volume of 438,700 (142% above normal) to a price of $33.85.
<BR>
<BR>The stock went on to make a new high last Monday, but has since fallen back to just above the pivot point ($30.86 versus $30.35)
<BR>Now it gets tricky. This may be another opportunity to buy the stock at a price very close to it's breakout, or it may mean the c/h is failing.
<BR>I am no technical expert but my guess is that this one has failed for the time being. I hope I am wrong.
<BR>Charley</FONT></HTML>

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