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Gold/Mining/Energy : Winspear Resources
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To: teevee who wrote (11132)1/5/1999 12:48:00 PM
From: Chad Barrett  Read Replies (2) of 26850
 
teevee,

I agree with your assessment of the pullback range to about the $4.00 area. And yes, it is very healthy as far as building higher support levels goes.

However, the one concern that I have is the gap that was created back around $3.50!! In my experience it is almost a given that the gap will get filled. The unfortunately thing is that with WSP that would mean the uptrend it is on right now would have to be broken. The was WSP has been trading lately I give it about a 50% chance of happening.

The argument for it continuing to head up without filling the gap is based simply on the way it has been trading the last few months. There hasn't really been any sign that the run is going to stop for a while.

The argument for it dropping back to fill that gap I would base of the basics of chart reading. Also, I didn't feel very good about the way WSP plowed up over the holidays. To me that seemed to indicate that while many traders were not around some ran the share price up. As a result, once many of the brokerage traders, etc. get back from their holidays they will drive the price back down! (that could be a partial reason for what has happened the last couple of days) Sometimes moving up too fast (especially without news to validate the run) can be a bad thing.

Overall I'd say WSP is still looking great! The only concern is if it will break out of the trend it is in now to fill the gap that occurred at about $3.50. If that happens, we will all have a great buying opportunity!!

Chad
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