American Eco (ECGOF, ECX on Toronto exchange) Message Board

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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)

ECX 1.660

-0.3%

3:59 PM EST

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To: MARK BARGER who wrote (2078)	3/6/1998 7:32:00 PM
From: Raymond James Norris	Read Replies (1) of 2841

For all you TA Junkies out there, Eco seems to have put in a double bottom. If you remember our last sell off, the price sank all the way to 8 3/4 on pathetic volume. Today, we went down to 8 7/8 on resounding volume but closed at 10 (as I said before, that's amazing strength). A lot of institutional buying, I assure you. On the chart, this formation is a double bottom. We pass the requirement for the length of time in between the bottoms and the formation usually leads to a test of old resistance. This is a bullish formation. But I know what you guys are thinking......with their numbers and loss of expectations?? Perhaps. I for one know of hundreds of companies that don't have a cent to their name and trading off of them based solely on TA could have been very profitable. Likewise, I know companies with outstanding fundamentals whose TA wasn't always screaming buy (hmmm....I wonder who that could be). So, this formation is bullish and it also is "good" that this weekend is between us. I know that breakouts I've seen usually occur when a stock makes some very clear TA movement on a Friday on strong volume so that everyone has a chance to look at it on Saturday and Sunday. Again, I know fully well the earnings weren't up to most expectations (when you include taxes), but the company is still undervalued so if we do make any "up" movements in the coming weeks or months, don't act as if it were the last thing you would have expected. If you'd like to see the chart of the above, just email me. Conservatively Yours, Raymond J. Norris

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