Chaparral Resources - CHAR Message Board

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Microcap & Penny Stocks : Chaparral Resources - CHAR

CHAR 10.39

0.0%

Nov 3 3:59 PM EST

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To: anyer who wrote (49)	11/7/1997 7:46:00 PM
From: Tom Genna	Read Replies (1) of 127

Anyer, that's a good question. Certainly blowoff volume could be a warning that too many folks are on one side of the boat but I've never baselined what percentage of the float that might represent. Looking back at IOM in the spring of 96 (4-24-96) I see a dramatic price rise; a chart that in a fractal way looks a lot like CHAR here. Yet the price then (split adjusted) was 24 9/16 and that date was the highest daily volume of the year 32,641,600. The stock closed a month later on May 22 at 54 more than twice the price. If I were looking for a flip based on activity I would look to the intraday price activity. AIPN gave the signal on 9/30 when after gap opening and cresting $7 the shoe fell late in the day (last 10 minutes) and the price closed very near the bottom of the daily range. In candlesticks the pattern formed with the previous day is called "dark cloud." On 10/1 the short end and profit takers had their way and two days later the rally returned but only managed to form a lower top. If you desire to have a short term outlook with the stock then you would use this second rally to get into the checkout line. This is not an unusal pattern following moves such as these stocks have made. There are of course no rules that you don't make yourself and there are always the exceptions which short term traders are willing to accept. For now we've nary had a gap to the next day and tommorrow can be assumed to be up unless it shows otherwise. Can only pick absolute tops and bottoms on the basis of luck and best to leave a little money on the table so as not to outsmart ourselves. I'm running a temperature again.............tomster

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