>However, as we approach the major resistance levels, like we saw today, pullbacks should be not only expected but are a great short term opportunity to play the "dark side".<
I'm short ALTR at 19.05 and AMAT at 15.62. Looking at monthly charts I can still see another potential dip for AMAT below 11:
stockcharts.com[h,a]meclyyay[d19960101,20031207][pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
ALTR looks much better after 4 solid months of accumulation with rising volume:
stockcharts.com[h,a]meclyyay[d19960101,20031207][pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iUb14!La12,26,9!Lg!Li10,10!Lh5,5!Lp14,3,3!Ll14]&pref=G
I would not be surprised to see the SOX fall back below 340 to near 330 but there is a lot of positive momentum still in play until we see rising volume in the market on sell off days.
stockcharts.com[h,a]daclyyay[pb20!b50!b200!c13!c20!c50!i!d20,2!f][vc60][iub14!la12,26,9!lg!li10,10!lh5,5!lp14,3,3!ll14]
Today may have signaled a short term market turn:
thetechtrader.com
But it has not been confirmed as a trend change by a longshot so your upside targets certainly are not out of the question.
RtS |
