Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Gary Burton who wrote (42727)	4/21/1999 12:54:00 AM
From: Ahmed Elneweihi	Read Replies (1) of 95453

Gary, As for IO, I believe it broke out of a H&S bottom (this formation is showing again and again in osx stocks) on Friday, but then went below the neckline on Monday and today it had another try on the $7 level but it did not close above it. The fact that it retreated from the $7.75 level on Monday is not surprising because there is a gap in January at that level. I would say that if it closes again above $7 with a good margin, it will reconfirm the validity of the H&S and would project a target price of $9.5. Given my bullish stand on osx stocks, I believe it will. For PTEN, I looked on the weekly chart to see if it still has upside potential, but the chart is sort of not clear because of the gap from $20 to $12 in early 1998. Was there really such a big drop? Do you know what caused it? Gary, How did you do in trading using EW theory. I looked at it at one time, but I found that any analysis based on it is always full of "ifs". Are you following the theory as is or have you developed your own variation on it. Do you use Fibonacci numbers to project levels of retracements?

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