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Gold/Mining/Energy : Canadian Position Trading-looking for technical breakouts.
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To: Technopeasant who wrote (70)8/13/2000 8:05:51 AM
From: AllansAlias  Read Replies (1) of 128
 
Only got a minute, but I wanted to mention KCA for the interesting and large formation it is sporting. I think it is offering excellent R:R and am in as of Friday.

For stocks (as opposed to indices or futures) I always using opens and closes for trendlines, not intraday extremes, so here are the lines:

Rising line connecting open of Jan 20/00 to open of 5/30. Extending this right you will see bounces off it in the last 6 days or so.

Falling line connecting open of 3/7 with close of 7/4. Extend this one right as well. Price had been hugging this line for some time.

Anyway, what we get is an enormous, rather oddly shaped triangle that we are now in the apex of. We may drift out into a range, but like I say, it is good R:R right now.

I think there is a decent chance that it could fall yet to the $5.50 area as that would still be on the lower line if the intraday low of 5/29 were used instead of close of 5/30.

Cheers --Allan
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