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Author Message  book_ii Member Username: book_ii Post Number: 131 Registered: 12-2002 Rating: N/A Votes: 0 Saturday, January 17, 2004 - 04:59 am:     I_C Interesting price action last 2 days with break out of wedge formation. The price is testing resistance more times than support and with a reasonable time period for the consolidating range this should see price burst up when broken. - res at 120 - price did not close above res - increase in volume - nice range to trade on resistance rejection - tripple top? long on break short on rejection? What was your entry signal? Good Luck "The team believes the string probably contains thousands of galaxies...The string of galaxies itself is thought to be 300 million light years long. A light year is about 9.5 trillion kilometres." - why I dont stress over trading.  i_claudius Member Username: i_claudius Post Number: 1269 Registered: 11-2002 Rating: N/A Votes: 0 Saturday, January 17, 2004 - 06:35 am:     Hi Bookii Thanks for your chart Entry signal was a general view on fundamentals that insurers are in recovery mode, with my view supported by a very healthy FTSE in the latter part of 2003. Was looking for a recovery stock in UK Noted broker re-ratings to higher ranking within the insurance sector, giving a feeling that at least they are not sellers (unless they are engaging in deceptive client advice, which I think is marginally less likely than before given the recent focus on institutional advice standards). While I don't rely on such re-rating it provides some assurance that they are at least not about to engage in a major sell off ... though in this world who knows? I then viewed the chart .. and concluded that it has a few Stage 2 features though as you say the current flatness needs to be overcome ... Thus saw it as a reasonably low risk entry with recent retracement and decent reward either in a range trade, or break above current range. Your chart indicates a crossover of the 200 point moving average so beloved of institutional investment managers. However, I had not viewed that crossover and it is interesting to see that my guess of institutional support has that chart confirmation. Recent success with insurers in Australia led me to look at this much despised sector in the UK ... being something of a contrarian at times. I watched the price action for a turning point in the MACD on my intraday chart and took a small position. With Best Wishes Roger (Executor of the Claudius Literary Estate)

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