T.ITE: iTech Capital (TSE) Message Board

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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)

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To: Dav!d who wrote (610)	6/22/1999 10:37:00 PM
From: keith massey	Read Replies (1) of 5053

David I plot JDX every night in Metastock and have thrown every TA tool (patterns/indicators/candles) I have at the charts to get a better understanding on its moves. With relatively low volume pennies many of the standard methods don't work great since a single 10,000 market order at the end of a day can completely change the chart and change a buy signal to a sell signal. However I try and take this into consideration when interpreting the chart. Up until the last two months I have found the chart fairly easy to read. However from a technical standpoint the stock is now giving several mixed signals in my opinion. Today's the stock bounced off the 50 day simple moving average (often acts as resistance) and formed a short term bearish candle pattern. This makes me think we are going to get a slight pullback from today's close. I see .75 as a minor resistance based on the gap formed March 29, the mid-point of the large white candle on June 17 and the shadows on the candles on April 21 and March 26. However I think .70 is now going to be a large resistance level for several reasons. 1. This is the mid-point of the large white candle formed on March11 on high volume. 2. This is the bottom of the basing period from March 12-26 3. The price bounced off .70 on the June 17. On this date a cross of 225,000 shares was done at .70 which also helps signify the bottom. 4. This is the 50% fibonacci retractment level from the high April 12 to the low on August 30/98. 5. Although the 200 day simple moving average acts as the "ultimate" support level many technicans view the 200 day exponential average which is currently sitting at .70. (the 200 day SMA is at .62) The next big support level after that is .60-.65. As for the trend and upside.... On the week chart JDX looks to be forming a loaded spring pattern (dropping slowly from a new high on dropping volume). On the daily chart we need a confirmation of today's candle to signify that the downward trend has been broken. This would take a close above .86 on some nice volume. I won't get into all the specific indicators since only a technican would appreciate the numbers. The next couple of bars on the chart should hopefully tell the story. Best Regards KEITH

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