Active member
One of the things I look for on a regular basis is stocks making a new 60 day high. I'm sure that i am not alone in this.
Today an interesting chart was thrown up for OXIG.
It appears that the recent 2 day move has broken the long standing overhead trendline which goes right back to June 1996 and created a new demand trendline. The volume spike was really serious.

Whilst fiddling with the chart I overlaid the Fibonacci retracement pattern based on the Oct 1997 high and the April 2001 low and got a brilliant fit.

Yesterdays close (201.5) broke the first Fibonacci level and suggests a first target of 240p

I attach a chart - only a line for clarity because of the time scale.

I know nothing of the fundementals but would be interested in any input.

what happened to the chart?


  • oxig.jpg
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resistance or support?

Looks to me like its testing resistance at £2.00. Without further info to back up vol spike I'd leave it for now - but one to watch. What does it look like if you overlay the 30 or 50 day MA? It's definitely a longer rally than usual. So is it a breakout for sure?

Found this from 06/06:
Oxford Instruments plc, the advanced instrumentation business, today announced
preliminary results for the year to 31 March 2001.

* Record orders of £201 million, excluding the share of the OMT joint
venture, up 19% on last year.
* Group turnover for continuing operations, excluding the share of the OMT
joint venture, up 21% at £183 million.
* Operating profit on continuing operations of £6.5 million, including the
£4.4 million share of the OMT joint venture. This compares with a profit
last year of £0.8 million.
* All businesses profitable in the second half of the year.
* Restructuring and site consolidations completed as planned.
* A final dividend of 6.0 pence per share is proposed, leaving the total
dividend unchanged for the year at 8.4 pence per share.

Andrew Mackintosh, Chief Executive said: "I am delighted to report that the
benefits of our restructuring programme are now flowing through in the form of
much improved profits in our wholly-owned businesses following a record year
for orders. Whilst maintaining tight control on costs and ensuring we deliver
further operational improvements, we intend to focus on growth segments where
we can apply our strengths in technology and world-wide sales channels to
create sustainable value for our shareholders."
I'd wait too - take a look at the Bollinger Band's. The last move up has gone well outside the bands and suggests exhaustion at the resistance level.