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Gold/Mining/Energy : GEAC.....Canadian best kept secret
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To: micromike who wrote (684)3/29/1999 7:06:00 PM
From: Tony from Niagara   of 1571
 
GAC at its current price and P/E ratio is cheap.

GAC at its forecast future earnings is almost as cheap at the current price.

It faces two tests (at least) in the short term.

First, it must confirm the regression channel from 99/02/15 to 99/03/10 (using MetaStock 6.52 and semi-log plotting). That channel appears to parallel the channel drawn from late 98/08 to mid 99/01.

Second it must penetrate the resistance line defined by the highs of 99/11/01 and 99/03/02.

Those two tests should be determined within the next month.

Thereafter, assuming that GAC passes those tests on the upside, it will 'want' to close the gap between the highest recent price and 29.50.

Classical TA would suggest that upon closing the gap, GAC would resume a downward trend. Classical TA may be wrong. Some of the head and shoulder formations from the third quarter of 1998 were confirmed in the short term only to be superceded by larger market activity thereafter - i.e., QLT, ATY, BCE and some Canadian banks.

Regards,

Tony

E & O E
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