ncp looks bullish, page-7

Hmmm... As chart shows the trading range within the circle representing "no man's land" following stalled rally qualifies as consolidation ahead of next move.

Rupert delivered in the customary timely manner and enough to stem the malaise ...

The breakout had little chance for us here as the AUD has firmed 10% in recent times which equates to NCP here of around $12.90 and testing the important level $13.00 and $13.10 at Fib(61.8%).

This and a skittish US Market fearful of War has seen predictable weakness in an overly strong DOW (8700)given the current situation.

Those LONG closed and went SHORT at $12.55.

Thrillseekers will have seen the important support level at $11.55 and have added a LONG on thursday last for combinations and (some) having closed SHORT positions ONLY if profit-taking as $11.55 likely to be re-tested next week.

DOW to test 8000 again and upcoming Bush address 27/01/03 likely to be bad news for the Market.

It is likely NCP will range between resistence $12.55 and support $11.55 (subject to next week) and with modest I/Vols opportunities exist.

Despite the $12billion in asset write-downs, Rupert has notched up two quarters of strong earnings ($500m) and about to ann a third which is expected to good also.

He has debt but has $6billion in cash and is just as keen as ever to go spending ... especially in much allusive US media sector.

This puts my view at 60/40 bullish for the near term ... tight stops.

ADR(NWS) USD27.38 at ratio 1:4 by AUD0.592301 = $11.556.

Chart looks like this ...


Cheers ...


This is only my view ... read the red stuff.