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Strategies & Market Trends : 123 Trends and Reversals -- Ignore unavailable to you. Want to Upgrade?

To: micromike who wrote (101)	2/8/2001 7:45:52 PM
From: Ally	Read Replies (1) \| Respond to of 147

Mike, Inco's chart is on an uptrend. It has broken through the $25 resistance level, and next stop is around $28. If it breaks this, the next target is $32, then the 52 week high around $37. There is strong support at $22. On a short term time frame, it is entering over bought territory where traders may decide to take profit. On a fundamental basis, Inco has just completed a year of highest profit of a decade, thanks to high nickel and copper prices. There appears to be a divergence between fundamentals and chart. While earnings were increasing since Jan/00, the chart topped Jan/00, then slided down all of 2000 until Dec/00. This could mean that investors are not expecting nickel and copper prices to maintain at 2000 level. Looking at Q4 report, we actually see lower commodity prices than previous year quarter: newswire.ca So, how it does this year would depend on prices for Ni and Cu An economy in recession, or continuing high gas costs are also risks.