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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Box-By-The-Riviera™ who wrote (22600)5/14/2003 9:15:08 PM
From: chowder  Read Replies (2) of 206098
 
UNT is sitting at a level of resistance. Volume although decent, isn't showing any conviction on the part of buyers. What UNT has going for it is the lack of selling. This makes UNT a defensive play as opposed to an offensive play. It won't lose as much as the OSX on a pull back but, It won't gain as much going forward.

The accompanying chart will show that UNT is under performing the OSX by a good bit. The indicator showing this is called the "price relative" indicator. It is below the chart.

The ADX indicator which measures buying and selling pressure show both the green line (buyers) and red line (sellers) heading down. A very unusual situation. Normally one or the other is in charge. You prefer to see green line heading up, red line heading down. This would put the buyers in control.

What is holding UNT back at this point is the large amount of overhead supply represented by the horizontal bars to the left of the chart. The gray area represents those who bought at higher prices and are more than willing to sell as UNT comes up to their buying point. These people are underwater and are waiting to be made whole again. This is keeping a lid on UNT rising at a quicker pace.

Based on the technical indicators, UNT will rise if it receives support from a rising OSX. Until we work through the overhead supply, you'll continue to see the weak performance we've seen to date when compared to the OSX.

stockcharts.com[h,a]daclyiay[pb20!i!f][vc60][iut!Ul14!Lj[$osx]]&pref=G

These views are for the near term. Long term holders should ignore them.

dabum
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