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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
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Friday, June 20, 2008
Cloudbreak Resources Ltd.: Application Underway for 774,282 Acres of Potash Claims Alberta
Comtex
VANCOUVER, BRITISH COLUMBIA, Jun 20, 2008 (Marketwire via COMTEX) ----CLOUDBREAK RESOURCES LTD. (TSX VENTURE:CDB)(PINK SHEETS:CUDBF)(FRANKFURT:C6K) is pleased to report the company has applied for a number of metallic mineral permits from the Department of Alberta Energy, Mineral Development Division in Edmonton, Alberta in the Vermillion area on the Saskatchewan-Alberta border, which include the rights to subsurface potash, totaling 774,282 acres.
According to an overview of work conducted by Royal American Petroleums Ltd. in 1966 filed with the Alberta Geological Survey in Mineral Assessment Report (19660009): "The geological strata and basinal effects in the Vermilion area are closely related to the potash-rich areas of Esterhazy, Saskatoon and Unity."
The study of this portion of Alberta showed the presence of a substantial quantity of carnallite and possible sylvite in the Vermillion area in the East Central Plains of Alberta. Literature made available from the Alberta Conservation Board, corroborates this potash occurrence in Alberta.
The potash minerals are found in the Prairie Evaporite section of the Middle Devonian Elk Point Basin. The carnallite minerals lie on top of a thick 400 foot section of common salt (halite). A thickness of twelve feet of carnallite was reported to be present and the pinkish and greyish mineral, in all probability sylvite, occurs through the first 80 feet of the Prairie Evaporite. Potash occurs over the upper 150 feet at Esterhazy and in the Saskatoon area.
The potash minerals are of the same composition and depositional sequence and depth as the potash at Unity, Saskatchewan, the location of Canada's first Potash Mine. A possible potash bed occurs at 2600 feet in the Prairie Evaporite which could be an extension of the Unity deposit. The lower deposits are separate but occur at 3500 feet similar to the Saskatoon deposits.
This news release has been prepared on behalf of the Board of Cloudbreak Resources Board, which accepts full responsibility for its contents. The contents of this release have been reviewed and approved by Marvin A. Mitchell, P.Eng, and Director of Cloudbreak is a qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
Blair Naughty, President & Director
SOURCE: Cloudbreak Resources Ltd.
Cloudbreak Resources Ltd. Blair Naughty (604) 669-0401 Cloudbreak Resources Ltd. Rich Macey (604) 669-0401 Cloudbreak Resources Ltd. Shelly Hildebrandt (604) 669-0401 (604) 669-0414 (FAX) Email: info@cloudbreakresources.com Website: www.cloudbreakresources.com
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