ITE - Chart Views ??

[cookie]

ITE Group (ITE) - Organisers of Exhibitions and Conferences woldwide. Excellent fundamentals with PE of just 12.

I bought these back in November at 70p for the long term, subsequently fell back for no apparent reason to 50p.

Volume spiked today at 1,400% of avg vol - Up 6% with a couple of large institutional block buys.

It looks to me that todays activity has resulted in the ceiling of a down trend being broken.

Are we heading for 80p or can we expect a retracement ???


Chartists views please.


Thanks


Cookie

 

[ChartMan]

The long term down trend on TCI (from Dec 99)was broken on 22/01/01. As we know, the longer a trend is in force, the stronger it is,and more reliance can be taken from that trend break.CCI trend from early March 00 was broken a few days earlier.The velocity plot is forming an "expanding wedge",a favoured pattern of mine.The previous one was in force from March 99 to March 00- check the price action !
RSI strong , but stochastics high.
This will be a roller coaster, with 10% swings not uncommon and plenty of gapping up and down.
On balance, it looks to be a strong rise.

 

[cookie]

Puuuurrrrrrfect !

Thanks Martin

Cookie

 

[cookie]

Big Buys

A 2 million and a 1.8 million share buy trades today and the price never moved..

With only 13 trades could do with a bit more activity and were off.

Cookie