Manhattan Minerals (MAN.T) Message Board

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Gold/Mining/Energy : Manhattan Minerals (MAN.T)

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To: Claude Cormier who wrote (3015)	7/10/1999 10:44:00 PM
From: Not_Active	Read Replies (1) of 4504

Claude: Good point, as I didn't do a fibo retracement on it ... certainly if the 50% level doesn't hold it will be very disturbing. Part of the problem with a stock like this, though, is that it is not being traded in and out by lots of pro's who would have sold near the peak before the news release and be sitting there with the money to come back in at one of the support levels. My impression from looking at the trading is that there are a lot of buy-and-hold investors who bought above the $5.25-5.50 level that are now either trapped or perhaps about to become trapped. The buy-and-hold psychology being what it is, they will not (have not) sold, and won't sell until the pain of falling prices becomes too great -- at which point they will capitulate en-mass (or barf, as the technical types like to say). We are a long way from that point (studies suggest that a typical individual has to lose 70-80% of his money before giving up a tick or two from the bottom), but these people won't have the money or enthusiasm to jump in and buy more, IMO. So, new money has to come in ... I guess it depends on whether the word gets around (and is favorable) about the pending set of results. We shall see ... Kacy

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