Int'l Pursuit (T.IPJ) Message Board

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Gold/Mining/Energy : Int'l Pursuit (T.IPJ)

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To: Ron Everest who wrote (569)	2/12/1998 2:24:00 PM
From: Mikey	Read Replies (2) of 835

I think the action today reflects two things. First, there is standard consolidation usually when a stock breaks out above a resistance level. It breaks above the resistance, then the resistance becomes support. A classic example in this stock: see the valley in June at about 1.80, and then the three attempts to break above that in September and October? It finally broke above it in January, settled back to test the support, and then resumed the climb. chart.canada-stockwatch.com Then there is the 2.75-ish level. Two valleys there in March-April, a climb back up to it in early June, we bumped against it some last week, have broken above it, and are consolidating here. That was the first thing. The second thing might be a little selling due to the riots and 9% drop in Indonesia. But of course, that doesn't impact the Phillipines project. Might be scaring some people off that were in it for Indonesia though. M. PS - I'm sure people will post that these small stocks don't follow technical patterns like the big board stocks do. I've heard it a lot before, so please don't bother. I use TA all the time.

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