Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for March 28 2006
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| STOCK: WESTAIM (WED) |
WEBSITE: www.WESTAIM.com |
| CURRENT PRICE: 6.90 CAD |
TREND: NEW MULTI YEAR HIGHS |
| TARGET PRICE: N/A |
RECOMMENDATION: BUY |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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WED Technical Analysis
Westaim is a stock cross-listed on the US and Canadian exchanges, but our charts here focus on the Canadian side, since there is more activity on this stock and hence more reliable indicators. This is our second look at this stock, earlier we nailed the upswing right before it started back in January ( click here for the report ). Taking a look at the long term chart, you can see the heavy price movement yesterday to the upside, as it gained more than 11%, to close at a new multi year high. The indicators on this chart clearly shows that this stock is very tightly held, as the money flows have been extremely high for a few years now, with very little outflows occurring. Jumping to the daily chart, you can clearly see the rise above its resistance level on very high volume; therefore, this stock looks as if its ready to start another up leg from here. A couple of interesting notables from this chart; firstly, it held onto its 50 day moving average support very nicely, and secondly, the MACD just made a positive cross over.
Overall, this stock should propel higher from these levels, since there is a lack of overhead resistance, and the price has advanced on heavy volume to new multi year highs. This may be a good entry level, as a breakout has occurred, and the indicators are looking fairly healthy.
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