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Gold/Mining/Energy : Canadian blue chips
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To: re3 who wrote (25)5/26/1999 9:02:00 AM
From: bill  Read Replies (1) of 36
 
Yup. It has made a number of runs, but each one results in a lower
high and a lower low. Nice profit if one can get in close to the
bottom and ride it up. Long term trend has been down. Checked each
of the peaks. If the pattern holds, there should be a gap down
today or tomorrow. Then the stock should really start to slide.
The slide would last a couple of weeks and should be good for a
couple of dollars down. The worst case scenario is that it could
slide for a couple of months, not much each day, but just gradually
erode in price. If the latter, then we are looking for a bottom
below its last bottom which, once again, works out around the
17.00 to 17.50 price.At which point, I'd be a buyer and would expect
the stock to move back to around 21.00 but not reach the 22.50
resistance point.

How's that for going out on a limb? I'd add that the downturn
could be increased by any US interest rate hikes that would make
the dividend less attractive.

Since we're going to wait and see on EBC.A, any blue chips you
think might move in the short term. I picked Bombardier yesterday
then couldn't watch the screen so didn't buy. Thank goodness. I
would have had to have had my finger on the trigger to catch the
morning run up. Even the huge contract they've signed caused no
more than a momentary blip.
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