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Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: Charles Kalb who wrote (20022)	6/11/1999 10:38:00 AM
From: bill	Read Replies (3) \| Respond to of 26850

Charles, The best definition with accompanying charts for a 1-2-3 breakdown is at <hardrightedge com/tw.htm> WSP's chart was an obvious one for such a breakdown once the bulls realized that 5.25 was a top, and the next couple of days pushed the price up but only to a lower top each time. The bottom held on the expectation of further buying enthusiasm but as the tops became lower, a bull trap was being formed. That's when it is time to exit. The "oh, god, nobody is going to buy this stock from me" awareness appears and as sellers start to outnumber buyers, the drop in price is sharp as bulls try to cut losses or lock in profits. The reason for an expected sharp drop is because on the run up there were two very strong days that propelled the stock up vertically. A vertical price chart once anticipation has run out, will not hold. I'm keeping a close eye on today's screen. Early buying pushed WSP up 15 cents as bulls thought last nights close (4.30) was a bargain. However, they have not been followed into the market by other buyers and the stock is now only up 4 cents. If 4.30 is to form a base then the volume over the next few days should fall off and the price remain around this level. If volume increases with a drop in price then we could see 3.60 being tested. If volume picks up and price starts to move up, it will be time to jump in. This is a tricky time. No news. The bears should now be out, the believers in. The cautious, like myself,on the sidelines, waiting for a signal. The risk to the cautious is that the move may be so fast that we'll miss a good part of it.