Position Trading in Canada Message Board

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Gold/Mining/Energy : Position Trading in Canada

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To: triplehrw who wrote (820)	3/10/1999 6:48:00 PM
From: Ward Nicholson	Read Replies (1) of 2259

AC: For what it's worth... From a technical perspective AC seem to be more range bound than anything. Support at $6.00 and resistance at $7.00. Evidence of this can be found in AC's 10-day and 40-day EMAs. They've been more or less flat for the past 4 months. The fact that AC has perked up over both these EMAs is mildly bullish. Only mildly because a) AC is still trading well below it's down-sloping 200-day EMA, and b) there hasn't been any volume to speak of on this current run. AC has to trade much heavier volumes while breaking through $7.00 and finding support at $7.00 before I would consider taking a substantial long position. My long position over Xmas was merely a trading position. I sold all of off quite awhile ago. I know all of this isn't very informative, so to boil it down I'd say that if AC can break $7.00 with volume, things are looking up. If AC drops through $6.00 with volume I'd exit my long positions pronto. As for the markets falling...we just may be going through some sector rotation here which would improve the A/D line. Watching the market go up with such little breadth is a warning that things could come down just as fast as they go up. Last August was a perfect example of this. Now we're in the same boat. Perhaps we just need time to let this sector rotation occur, but if this market went to 10500 or 11000 without major volume or without an improvement in the A/D line I'd be VERY careful about where I put my $. As you well know...when the general market is off, all equities have a tough time. As Keith mentioned, the A/D line has not been this divergent for a very long time. WN

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