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Scio Diamond Technology Corporation Message Board

  • doubleandsellhalf doubleandsellhalf Jun 20, 2001 12:08 PM Flag

    Resistance in 24/26 range

    is not surprising in last few weeks, no matter what short term rationalizations are being made.
    REASON/
    Take a look at the 10 year chart on the piggy pup. It is a giant, 10 year-long cup. It has slowly building volume over last couple years, as the right side of the cup has been traced out. When it hit the 28 range,it ran into the chart resistance from way back 10 yres ago, and had to correct some, in a handle of fashion. Thus the retreat back to 21 ( WHich is TRULY a LONG TERM POSITIVE, to get rid of all the insecure holders of the stock in that entire price range of 21-30).) A 32% retracement is NOT unusual in such ultra long term patterns, and should only scare those who believe those technical gurus who tell you to sell out if a stock falls 8% from your entry point.
    THUS I see a little work in getting back up to the 28 -30 range, and then when this trading pattern breaks through the 28-30 range, there will be no overhead.
    Long at 27, 25, 24, 23 and 22.
    My screen saver tells it all ("FLYING PIGGY")

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