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by Andrew Hetherington
As safe an investment as there is in the current market? The charts show why.
Position: N/A
Andrew Hetherington
Classic Dow Theorist who trades as a pure technician, using pattern recognition.
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CHART ANALYSIS
Bema Gold is Poised to Run Higher
03/14/03 10:39:52 AMby Andrew Hetherington
As safe an investment as there is in the current market? The charts show why.
Position: N/A
 Figure 1: Daily chart of Bema Gold. The daily chart of Bema Gold shows an 8-month descending triangle with diminished volume on the creation of the pattern. Although these patterns have a bearish tendency, I cannot ignore the large volume breakout and the distinctness of the tops and bottoms. There has been a temporary change in direction from up to down with the breaking of the third fan line. This temporary situation presents the opportunity to buy a long position on the throwback. A strong breakout on higher volume confirmed the pattern. |
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| Figure 2: Weekly chart of Bema Gold. |
| Graphic provided by: SuperCharts. |
| |
| On the weekly chart the medium-term trendline support is in the $1.15 CDN area. Keep in mind I've illustrated the Canadian chart. This is a duo-listed equity in New York and Toronto. The US chart looks identical to the Canadian chart. They trade under the BGO symbol on both exchanges. The current US price is $1.04. |
| Buying a long position in the cradle in the $1.04 US or $1.55 CDN. is as safe an investment as there is in the market place currently. Anticipating gold prices to move higher towards the $400.00 area after the current throwback to the $330.00 US will make this happen. |
Classic Dow Theorist who trades as a pure technician, using pattern recognition.
| Toronto, Canada |
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Comments
Date: 08/19/03Rank: 5Comment: I bought this stock at $1.54 Can and have watched it double.
Thanks, Andrew.
Bob
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