Technical analysis on Proteome (PRM) and IBM

Uncle

Established member
671 2
Well done and how informative these posts are.


Whilst I do not trade the US market i always take a keen interest for as night follows day the world markets are affected to a greater or lesser degree.

You confirm my view on PRM in another post on this BB

Glad your back, and look forward to reading your prognosis o markets and individual stocks.

I recommend all members of this bulletin board to click on your links for detailed explanations.

May i take this opportunity to wish you and yours a Happy and successful 2001

John
 

Cigar

Well-known member
291 13
My two-pennyworth.

Click over to view the chart using weekly data. See the nice uptrend from Jan 2000.

See also the retracements.. exactly at 20 week intervals. Presently, we are in week 11 of the present cycle.

The shape of the present cycle is exactly as should be in an uptrend. A rise early in the cycle, followed by a fall in mid cycle, followed by a higher high in the 2nd half of the cycle (present date). Guess what next.

Wait 10 weeks and buy them back on the trendline at 75p.
 

Uncle

Established member
671 2
More weakness shown today:

Opened 91
High 95
Low 88
Close 88

Leaving long upper shadow on the candlestick chart

John
 

Uncle

Established member
671 2
MORE FROM CHARTY 3 January 2001

Just an update on Proteome PRM

We had an inverted hammer yesterday, This is normally a reversal signal

Today we moved away from the upper BB. This is another sign of weakenss. However both lines are rising which a sign the the major trend is still up.

From the low on the 13 October, you can draw a support line. This line is now in the 77ish area. It will be at 80 on the 5th Jan. This is a major support for the stock.

MACD is showing a negative divergence, and the MACD line is flat. Both elements sound a note of caution on this stock.

Stochastics are still overbought.

Volume was above average yesterday. Smart money may have taken the opportunity to cash in their profits.

Conclusion...........Mixed signals. Short term I see more chances that the retracement will continue. We may get close to the support line. I would wait that moment and see whether there is enough strength to justify going long, or not.

This does not constitute financial advice

AUTHORED BY CHARTY AND RE-WRITTEN BY ME HENCE E & O E

John
 

CHARTY

Active member
119 1
Well spotted John, that was an inverted hammer.

------------------
The above does not represent financial advice.
 

Uncle

Established member
671 2
The Candlestick chart today, 3/1

A Hanging Man occurred. This pattern can be bullish or bearish depending on the trend. If it occurs during an uptrend (which appears to be the case with Proteome) it is called a Hanging Man line and signifies a reversal top.

If it occurs during a downtrend it is called a Bullish Hammer.

Therefore seems likely to retreat some more in line with others prognosis.

John
 

Uncle

Established member
671 2
The stock appears to be forming a double top so watch for it now dropping below the last low, then we should see it retrace to its trend line

What do others think

John
 

CHARTY

Active member
119 1
I agree a major double top MAY in the process of forming itself.

------------------
The above does not represent financial advice.
 

waldorf

1
141 1
Are not PRM having a presentation on the 24/1.
Held them for a while now,great prospects if and when they spin off some of their US holdings
Col