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Gold/Mining/Energy : Day trading in Canada

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To: The Osprey who wrote (3406)	6/16/1999 1:35:00 AM
From: keith massey	Read Replies (2) of 4467

Although I look at the 5 year chart and longer to get a good feel for support and resistance levels the closer support and resistance levels are to the present the stronger they become. In addition, the more volume at a given level (not including crosses) they stronger they become. In the case on JDX I called .60-.65 as the ultimate support level on the JDX thread based only on the past 8 months for a couple of reasons. 1. This level is a 62% retractment (Fib. line) from the top to the bottom of the most recent run 8 month run. The present price of .72 is the 50% retractment line. Both these levels should act as good support. 2. The stock based for almost 6 weeks on large accumulated volume at .60-.65 and gapped up from that level. In addition the 3 tops in Sept-Jan. both ended at .55-.57...once broken this also became a large support level adding power to the .60-.65 level. The .69-.71 level should also act as support based on a similar arguement but will not be as powerful as the .60-.65 level in my opinion. 3. The 200 day simple moving average is sitting in the low .60's which should also act as a big support level. 3. From a fundamental stand point the .60 level is where insiders loaded up on a large number of shares. Since insider rarely lose money and these shares have not been sold I partial factor this in to the support level. However most of the options are above .70 which adds some power to the .70 support level. As for support I would agree that $1.60 will be the second hurdle. The first hurdle will be $1.12 (last high) Since this site is not for the purpose of discussing individual stocks I will be happy to talk about JDX on the thread Subject 12441 JDX is the only stock I currently hold and think I have a fairly good grasp of the fundamentals and chart. Best Regards KEITH

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