Re: [CANSLIM] WES - What does a "U" shape, 1-day chart mean

From: "Rolf Hertenstein" <rolfh@mindspring.com>
Subject: Re: [CANSLIM] WES - What does a "U" shape, 1-day chart mean
Date: Fri, 1 Aug 2003 17:25:37 -0600

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My first (and only) reaction is that I'd be heartened by the longer blue =
volume lines as the stock rose on the right side of the 'U'.

 Rolf
  ----- Original Message -----=20
  From: Kelly Short=20
  To: canslim@lists.xmission.com=20
  Sent: Friday, August 01, 2003 1:17 PM
  Subject: [CANSLIM] WES - What does a "U" shape, 1-day chart mean


  All,

  I am presently in WES and am somewhat confounded by today's chart =
action. The chart has literally made a perfect "U" (see attached). What =
does this mean? I've been watching WES closely the past few days as the =
action seems weird (that's a technical term by the way). It appears to =
be basing after breaking out 7/11/03, but 7/30 and 7/31 logged what =
appeared to be possible churning days. Now, today, we experience this =
"U" shape with a large daily delta. My only thought is that it found =
resistance at $32.60. Any thoughts you might have regarding the =
translation of this "U" shape to supply and demand would be greatly =
appreciated!

  Thanks,

  Kelly


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<DIV><FONT face=3DArial size=3D2>My first (and only) reaction is that =
I'd be=20
heartened by the longer blue volume lines as the stock rose on the right =
side of=20
the 'U'.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT>&nbsp;</DIV>
<DIV><FONT face=3DArial size=3D2>&nbsp;Rolf</FONT></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
  <DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
  <DIV=20
  style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
  <A title=3Dkelly.short@fw.us.neoris.com=20
  href=3D"mailto:kelly.short@fw.us.neoris.com">Kelly Short</A> </DIV>
  <DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
  =
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
 </DIV>
  <DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Friday, August 01, 2003 =
1:17=20
  PM</DIV>
  <DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] WES - What =
does a "U"=20
  shape, 1-day chart mean</DIV>
  <DIV><BR></DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial=20
  size=3D2>All,</FONT></SPAN></DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial=20
  size=3D2></FONT></SPAN>&nbsp;</DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial size=3D2>I am =
presently in=20
  WES and am somewhat confounded by today's chart action. The chart has=20
  literally made a perfect "U" (see attached). What does this mean? I've =
been=20
  watching WES closely the past few days as the action seems weird =
(that's a=20
  technical term by the way). It appears to be basing after breaking out =

  7/11/03, but 7/30 and 7/31 logged what appeared to be possible =
churning days.=20
  Now, today, we experience this "U" shape with a large daily delta. My =
only=20
  thought is that it found resistance at $32.60. Any thoughts you might =
have=20
  regarding the translation of this "U" shape to supply and demand would =
be=20
  greatly appreciated!</FONT></SPAN></DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial=20
  size=3D2></FONT></SPAN>&nbsp;</DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial=20
  size=3D2>Thanks,</FONT></SPAN></DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial=20
  size=3D2></FONT></SPAN>&nbsp;</DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial=20
  size=3D2>Kelly</FONT></SPAN></DIV>
  <DIV><SPAN class=3D846081019-01082003><FONT face=3DArial =
color=3D#0000ff=20
  size=3D2></FONT></SPAN>&nbsp;</DIV></BLOCKQUOTE></BODY></HTML>

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