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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... -- Ignore unavailable to you. Want to Upgrade?

To: MrBuzz who wrote (31910)	7/26/2002 8:56:43 AM
From: TATRADER	Read Replies (1) \| Respond to of 59879

First of all we take a look at the short-term chart, which will provide for us 3 different downside price projections...DROOY 1. The short-term chart pattern on DROOY is a head and shoulder top with an island reversal at 5.50. 2. You will also observe three descending tops 3. Pattern of H and S top is 5.50 by 4.00 giving a downside projection of 2.50 as target...This 2.50 target area shows good support since in the FEB-MARCH time frame, the stock consolidated at these levels..Markets sometime overextend themselves so the 2.25 target was given as well.... 4.Again if the PPT has their way, and takes bullion back down to 290, we could see a potential further crash in all gold stocks..Thus DROOY could crash to the original breakout area from a neckline at 1.50....Personally, I don't see this happening with the dollar in a steady decline, world tensions, and large consumer debt... Chartists also look at the 3-10 year chart, not just a short-term 2 year chart...Thus when we look at a longer term chart, the neckline appears to be around the 3.00 area...The target I gave in our recent contest for DROOY for pullback was 2.92, which today does not look to be far off...Also if you figure DROOY began its move around 56 cents, and went to 5.50 area, a 50% pullback puts us at 3.03... I can't afford 50 cent hits so my stops are set tighter on all positions...Most of the time, I am in a stock for a day at most 3 days....So I tend to play short-term price patterns... good luck to you......Guess my negativity on DROOOY shines through...We are up against the Central Banks, and their power is still great to crush gold....