Hi Andrew,
If you are after T/A then read frogscent's post at 12.30pm today which pretty much answers your question:-
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Subject: spp on wmt who is holding their breath
Stock Code: WMT - WESTERN METALS LIMITED
Posted: 08/05/07 12:28:42 PM Hotcopper Radio: WMT on BoardRoom Radio
Posted By: frogscent Views: 141
Post #: 1769791 (Start of thread) Sentiment: Buy
IP: 202.61.xxx.xxx Voluntary Disclosure: Stock Held
hmmmm im looking at my chart right now and you would be intrested to know that there are some possible scenarios that could eventuate.
1) there looks like a sort of downward flag has develped over the first few days in May that could take this down to the 30c.
2) the second scenario is more likely. The solid rising support line joins about the 35c. Plus extra confirmation was the two days (end of april and 1st of may) where the price touch 35c or just under. So I would be looking there for a possible further retrace to this support level.
If the price continues to go down from that level sp will drob even more significantly as the major long term trend (uptreand / rising support) will be then broken and alot of traders will be stopped out I think. This will bring more negative sentiment and only cause more selling.
I am still positive but people have asked where I think the price is going the st....so I say bout 35c or maybe just under. Then watch for a strong bounce.
On a lighter note everytime this thing is being sold off its always on lighter volume, which is good.
see what happens today close and tommorrow.
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Cheers, Pie :-)
WMT
western metals limited
