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Gold/Mining/Energy : Manhattan Minerals (MAN.T)
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To: TrueScouse who wrote (2628)6/27/1999 3:51:00 PM
From: Not_Active  Read Replies (2) of 4504
 
I have to agree on your longer-term assessment, Howy. In the short term, I'd appreciate any comments on my technical update that follows:

After a touch of the 20 period ema on the 60 minute chart on Friday, MAN moved up and looks ready to test the recent intraday high. The ideal scenario for anyone long the stock would be for the price to move smoothly through the recent high and to close above it. The troubling scenario would be for price to test the highs, perhaps even make a new high, but then immediately fall back between the highs and the moving averages. If this formation occurs (called a TraderVic 123, 2B top), a short-term sell signal will be given to those trading the stock, with the first downside target being the 20 period moving average and the second being the base of the recent flag/triangle consolidation. This scenario occurred in late January when the price 2B'd off the high of 3.65+ and support failed, sending the stock back into the mid-$2 range.

There's no way of knowing which scenario is more likely, and it just remains to be seen whether sellers materialize at the high. But, I thought those who are trading some shares might be interested in watching the price action as it gets to the high.

A chart of the January 2B action has been posted at

intelligentspeculator.com

More information and references for the TraderVic 123, 2B pattern can be found at

intelligentspeculator.com
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