bocabear:
Attached is about as well founded an opinion as any analyst paid nothing to produce some words on the Internet (but nice to read). From Stockhouse chat thread-Dave Poxon--Analyst early this am.
Tom D.
Momentum Picks: Reversals Imminent, Certicom Headed to $70, BCE to $42 after Short-Term Dip
Note: Because the U.S. markets greatly influence the Canadian picture, please see David Poxon's U.S. market commentary every day on StockHouse.com.
Note: Due to technical problems, graphs are not available. We will produce follow-ups with graphs tomorrow.
Toronto, ONT, August 16 /SHfn/ -- The current medium-strength wave ratio structure on Certicom [T.CIC] remains very bullish. Also positive for the stock is that the NASDAQ looks ready to start a medium-term move to new near-term highs. The medium-strength wave ratio structure suggests that CIC should reach an upside target of $67 to $70. I expect that this wave will last eight to 12 weeks.
The short-term picture is looking positive as well, with the selling intensity dropping. What CIC needs now to spark the reversal, and I suspect it will come, is for buying intensity to increase. However, we may first see additional softness to the $37 level because, short term, the NASDAQ and Dow are looking very tired.
BCE appears close to a reversal
BCE [T.BCE] is finally showing life, at least short term. The recent short-term buy wave has very strong relative intensity, just having touched the long-term upper ALR boundary. When stocks trade through the short-term boundary and go up to or beyond the long-term boundary, it tends to be a very positive sign that a medium-strength upside reversal is in the mix. BCE has been dropping over the past few days and is likely to continue to do so. But if the stock can hold above the $33 level, then this would be another positive sign that an upside reversal is in the mix.
Look for BCE hold above the $33 level on this short-term dip and then look for the stock to begin a new move higher with targets being $40 to $42 within the next six to eight weeks.
Dave Poxon, formerly a proprietary stock trader, is now president of an institutional research firm that provides proprietary technical research services to institutions with in excess of $100 million of assets under administration. He writes exclusively on stocks for StockHouse.ca and StockHouse.com.
David's proprietary indicators are components from an advanced proprietary technical theory he has developed through years |
