shortcovering in action, page-10

re: weekly chart is bearish 1029 [Dow Jones] TECHNICAL ANALYIS: Rinker (RIN.AU) up 1.1% at A$13.89, hits 5-week high of A$14.00, after breaking important resistance in A$13.58-A$13.68 area yesterday. Helped by U.S. Fed report playing down risk of U.S. housing bubble. Should rise to about A$16.00 in the next few months, says Dow Jones technical analyst Dave Rogers. A$16.30-A$16.80 area likely strong resistance. Buy signal on weekly charts validated by last week's rise. Strong bounce from 12-month low of A$12.52 respected major weekly uptrend line and 50% Fibonacci retracement of lifetime rally. Now expecting minimum 38.2% retracement of fall from A$21.44 to A$12.52 - A$15.93. Stop-loss below A$12.52. RIN trading on relatively cheap 2007 PE multiple of about 12.0x. (DWR)