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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: MCrow who wrote (13023)	5/15/1999 1:03:00 PM
From: keith massey	Read Replies (2) \| Respond to of 62348

Maggie... GIB.A...fundamentals sound great. That chart is not a text book case since it already tested the top resistance once and failed. However it definitely looks promising if it turns up tomorrow. Note on games with these patterns..(espically in the U.S) (GIB.A April 29) MM's that know a stock and the market is weak will sometimes drive a stock through a key resistance level with buying to trigger buy stops placed just above the resistance level. They will sell their stock here and short the hell out of these buy stops. There is now way of knowing if a breakout is real or just games. This is one of the main reasons why many technicans wait to buy on a pull back to test the support line to make sure it holds..and why both groups of technical buyers place stop losses just below the resistance level (now support). In the case of GIB.A it was a fake breakout at the end of April and notice the gap down the next day when stop-losses were triggered when it opened below $34.50. It would have been easy to get suckered into this one. In the case of GIB.A..if the stock turns tomorrow and break through $34.50 in a day or two on volume it would be very bullish in my opinion. You would have higher lowers and another break through the resistance level for a second time (nice ascending triangle). All of these factors together would probably be enough to scare off the shorts and the stock would have a good probability of a run. Of course I would use stops at key levels just to save my butt. Good luck if you are already long. Best Regards KEITH