--could be close to a bottom??

  1. 7,397 Posts.

    If I were going to start buying shares for a long term hold
    I would take a closer look at CPU as the candlestick chart has shown a long tail hammer followed by a bullish white candle , RSI has not turned up yet but sitting in the oversold area at 14 , ADX and D+ are turning up from below 30 (good),

    Madcows cycle indicator is very close to a buy signal and his Voodoo volume tube the same ,

    By the way thanks Madcow for custom template for Metastock as it picks cycles very well ,

    So if I was a buyer I would be crunching some numbers on CPU and having a look for a long term hold.

    But please do your own research _______________________________________________________________________
    By Fleur Leyden
    May 24 2002

    Computershare scrip produced more fascinating manoeuvres yesterday, with the shares this time declining about 3 per cent.

    The Australian shares registry has a "trading update" scheduled for next week, which may provide some clues as to why the stock has been see-sawing of late.

    On Tuesday, the shares lost 13 cents to $2.13 on heavy turnover, their lowest level since 1999. But lo and behold, they were back with a vengeance on Wednesday - well, they managed to scrape back most of Tuesday's lost ground.

    Market sources said the day-to-day bounding was probably due to ANZ's funds management operation losing a mandate to ING, with the portfolio being passed over to ING, including a big chunk of Computershare shares that ING was expected to clean out.

    It figures when you see that Morgan Stanley sold four million shares on Tuesday - or about five times as much as the second-biggest seller.

    On the broking side of things, J.P. Morgan, trading about the edges, said this month that it was no longer a substantial shareholder in Computershare. Morgan came back in yesterday as a substantial shareholder, with 28,372,391 shares, or 5.13 per cent of issued capital.

    Others, such as Merrill Lynch and UBS Warburg are keeping an eye on the stock as well. Merrill Lynch recently upgraded its rating slightly, from "reduce" to "neutral". UBS Warburg analyst Tim Lawson raised his rating to a "hold" from "reduce". Punters must be looking forward to that "trading update" next week for some real news to go on.

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