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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Bob A Louie who wrote (2134)10/14/1997 8:36:00 PM
From: Bob A Louie   of 95453
 
I believe there's a good chance that the pullback is over. I checked the chart of the oil services index and we just completed a 50% retracement of the recent rise wich started with a breakout Oct 3.

The last big jump in the index came between Sep 9 -15. The index based for a week at the high then retraced about 50% between Sep 22-24. The index then slowly crept back up to it's previous high, based then broke out on Oct 3. I believe that the index will hold here, base then it's off to the races again.

I'm not an expert at T/A however I know after a sharp run-up, when a stock falls for no good fundamental reason other than profit taking that a 50% retracement is generally the rule. Just my $.02
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