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)	7/12/1999 1:30:00 PM
From: TrueScouse	Read Replies (3) of 4504

Claude: <<an important support level in the $5.25-$5.50 area. It doesn't show on the chart as a support zone because we were breaking out of a good base just below $4. But this area above $5 is where most of the volume took place. The area is where the 50 EMA is at the moment and where most of the buyers got in during that breakout. The 50EMA is the strongest support zone in bull markets. The largest correction will never retrace much below it, otherwise you have a long term trend reversal. The $5.50 level is also a 50% retracement of the move from late March to the $8.50 high.>> You're right on the button when I last looked. With today's low so far at $5.30 and big volume in the $5.40 to $5.60 area, it's really testing this support level. Personally, I always like the 50% retracement level as a good place to buy, so I couldn't resist this morning! From a fundamental perspective, I also think that this is a "bargain" price. IMO MAN was worth close to $5.50 before we got the figures for the oxide cap at TG-1, and now with the confirmation of sulphides and the long intercepts at TG-3, there's a chance it will run up again in anticipation of the TG-3 assay results in the next week or so. We shall see. Either way, I'm very comfortable increasing my position at these levels. Regards, Howy

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