To all:
TrizecHahn had a write up in the weekend's Financial Post:
"Real estate stocks are returning to favor and TrizecHahn Corp. has had a particularly strong run. It almost doubled in price in the year to March before undergoing a correction. Is there much upside left in the price, and if so, when will the bulls make their move?
The company's chart indicates it has at least one more upward swing befor completion, and the bulls quietly commenced their campaign this week.
Between August 1994 and Aust 1996, the bulls and bears pushed each other back and forth in a range bounded by the bulls' defensive line at $17.50 and the bears line at $23. The bulls managed to get both their 13-and 30 week moving averages cycling upward last summer, which enable them to decisively break through and absorb bearish supply, beginning a sharp rise in September.
The March to May 1997 correction has the look of orderly profit-taking as the low volume indicates bears were not selling heavily or chasing bids. The bullls made their first attemp to retake control four weeks ago, but by the end of that week were pushed back to within the short-term downward-sloping channel. They broke out this week, but may needa acouple more weeks to reinforce their ranks before the campaign begins in earnest.
With support from both their moving averages and with MACD in a position to turn up shortly, the bulls should be able to deal with bearish selling quite easily at the outset. However, if volume falls off as it did during the last bullish campaign, it is uncertain price will reach the upper boundary of its potential market value near $40. Unless the MACD can hit a new high during the move, an unlikely occurence, slowing momentum will probably lead to a significant correction."
Any commments???? |
