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Astex Pharmaceuticals, AŞ Message Board

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  • billyteex1 billyteex1 Aug 4, 2006 11:07 AM Flag

    DOUBLE BOTTOM STILL IN PLACE<eom>

    Please explain this. It sounds good. Thanks

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    • Rising MACD on a falling or flat stock price indicating people are using lower prices to accummulate stock, rather than pure distribution. Of course, shorts laugh and say falling prices always mean selling, noone wants the stock, blah blah blah, but I as a longer term thinker like to look at the underlying indicators.

      Would like to provide link from stockcharts. com but they re-designed the site so it's hard to link to individual stock pages (at least I couldn't figure out how to do it)

      • 1 Reply to lookitup333
      • Unfortunately, I think the statement is incorrect. You really can't call a double-bottom unless/until you have a rise above the mid-point of the "w" (3.98 or so). At that point the W bottom is confirmed & the target becomes 4.78 or so (the distance from the bottom added to the breakout).

        At this point, the only statement I'd feel comfortable with is "double bottom still in PLAY". Very important distinction. Until its confirmed, it could be a double bottom or it could be a distribution range before the trap-door opens & we head for $2. Either statement is reasonable given the facts. The bearish case is that we broke long-term support at $4. and we just had that support turned resistance tested from below and price rejected there!

        That said, I think there is a better than even chance a bottom is in place because of the PROSPECTIVE bullish divergences at the low as shown.

        http://server6.theimagehosting.com/image.php?img=SUPG.png

        Nevertheless, I must concede to the bears these are only POTENTIAL bullish divergences until the oscillators turn back up. Until that point the possibility the trap door opens & all hell breaks loose for the longs is very much in play.

        That's the way I see it.