We're comet-watching in Pennsyltuckey (near Philadelphia) this morning. Take a look in the eastern sky before sunrise for Hale-Bopp - over the next week or so - then take a look at an AXC chart.
Art, Hugh: Your posts (2245, 2246) are the best summary I've seen so far on AXC's technicals. We're all seeing the same things. IMO, the longer the basing, the more sustained any rally or upturn will be when it comes. The basing and low volume, which could go on until some news comes out, is a good sign (as long as the eventual news is good).
A stock that really shows this type of turnaround is MLIN (MicroLinear Corp.). They declined from 10 to 6 last fall, built a base on low volume over a one-month period or so, and then doubled between Dec. and Feb. So, on AXC, the best we can hope for now is long base and no bad news, and, of course - the rest of the story! Time (and earnings performance) will tell there.
On TA, skeptics have their right to be skeptical, of course, and neither FA or TA both work 100% of the time. But, IMO, TA along with all of its indicators (tools) shows trends and details about supply/demand, strength/weakness, a stock's behavior over time, oversold/overbought conditions, etc. Coupled, with fundamental analysis, which should always be done for true (long-term) investing, the two are powerful. TA is NOT black magic. It is often complimentary to FA and more than occassionally - eye-opening.
Let's sit back, keep tuned, and enjoy watching this scenario unfold!
Good luck to everybody... Ron M. |
