XLA or SCF from Mass. to Burmuda Message Board

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Technology Stocks : XLA or SCF from Mass. to Burmuda

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To: D.Austin who wrote (873)	5/27/2002 11:13:25 AM
From: D.Austin	Read Replies (1) of 1116

321gold.com Deep Report for Friday May 24, 2002 from Clif Droke DROOY closed Thursday at $5.04 +7¢ volume 7,033,900 Durban still faces selling pressure Durban Deep met our minimum downside objective yesterday of $4.75 and fell as low as $4.66 at the open before immediately finding support and snapping back to its highs for the day just under $5.25. Today (Friday) Durban will face more resistance in the early part of trading today as the cycle channels cascade down through the first half of the session. A 2-day type parabolic dome coincides with a series of falling cycle channels on Friday that will provide a strong barrier of resistance to any rally attempt on Durban's part early today. Durban has immediate upside potential to $5.20 (see arrow indication on chart), but here Durban meets the down-curve of the dome plus the top of a parallel channel, plus the top of a 4-day trend line. It would take tremendous trading volume for Durban to catapult past this series of obstacles and our expectation is that $5.20 will prove insurmountable this morning. In terms of downside support, there is a benchmark just below at Thursday's intra-day low near $4.66 that will provide initial support if DROOY drops this low on Friday. Note on the chart where the parabolic bowl intersects the lower boundary of a trend channel at this level, thereby giving it extra strength. The first level to watch on the tape if Durban starts to decline today is between $4.66-$4.75. Another consideration for today's session is that if Durban falls beneath $4.97 it almost certainly will go to the $4.66 area since this answers the measuring objective from yesterday's trend line penetration. Note the rising trend line from Monday's opening to the close of trading Thursday. A failure to rally above $5.20 today would be viewed as a three-day triple top and $4.66-$4.75 would be the next test on the downside. We should be prepared for an early rally attempt toward $5.20 followed by a failure to penetrate, then a decline to test yesterday's lows. However, despite this bearish immediate-term forecast Durban remains high in our sights as we head into the month of June, a month which should see Durban and the gold and silver stocks as a group rocket to levels previously thought unattainable. We'll have much more to say of Durban's short-term outlook in the next Durban Deep Report on Tuesday, May 28. We wish everyone a happy and safe Memorial Day weekend. Clif Droke --------------------------------------------------------------------------------

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