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Gold/Mining/Energy : PYNG Technologies
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To: PeterS who wrote (2055)4/20/1998 3:12:00 AM
From: Ward Nicholson  Read Replies (2) of 8117
 
Peter:

...there is just not enough action for TA to be indicative of
anything. (Generally speaking $1 mil daily volume is considered a
minimum for meanigful TA - see TA threads on SI or review your TA
library - very little TA on penny stocks).

Not enough action? Minimum 1 mill/day?
A hasty conclusion considering the number of non-volume-based
indicators available to TA players (which you'll find more
of in Canada because of the lack of volume relative to US
markets).


Just look at the tremendous volume traded in the $5+ zone. Even
if all these trades were quick flips, somebody must have bought it
at that price and is obviously still holding as the recent volume
is not indicative of any sellout and could not change that $5 basis
significantly. Hence IMO the majority is still holding and "supporting"
the $5 basis and once something significant happens the $5+ zone
will be pentrated in no time as there are apparently only few sellers
below that.

My friend...welcome to the world of resistance. You have given
a nice description of how difficult it will be for PYT to move
above $5 again. To put it another way, imagine how many of those
who bought around $5 will be willing to dump PYT at breakeven
prices, or even a bit lower for a small loss. Observe the trading
and see how many sellers come out of the bushes if PYT ever gets
near $5 again. It will take significant volume to break $5 again,
regardless of the news PYT may put out. I really encourage you to
look at PYT's trading in 1996 for a preview.

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WN
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