Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Perfect Hedge who wrote (6959)	1/7/1998 8:04:00 PM
From: Thean	Read Replies (2) of 95453

GD, just looked at the charts. Today's hammer alone is not going to turn the downtrend. It may very well be a one day dead cat bounce. The short sellers will come out in full force again. However, there is a possibility (just a possibility, no confirmation obviously) of the second bottom forming for a double bottom. This is just based on today's successful test of the lower BB across the board. If we have sideway to up the next few days, the lower BB will not go down much. Be very cautious as well. Heyward - does chart reading sounds like palm reading to you? It is funny the chart works better than half the time. I'm not asking for a lot but it does help me beat the odd. Look fot Mtel to test 20. If that fails, strong support is right below at 18.5 - 19.

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