Technical Analysis a la Edwards and Magee Message Board

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Non-Tech : Technical Analysis a la Edwards and Magee

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To: Jim Roof who wrote (15)	3/20/1998 1:45:00 PM
From: marketbrief.com	of 40

I don't trade stocks with 4 letters in the symbol so I just downloaded the daily info. Looks to me that Support 1=$15 5/8, Support 2=$14 3/8, Resistance 1=$16 7/8, Resistance 2=$18 3/4. Since it went to the 20s three times and then broke down from there and has had trouble up at level, you would surmise that support is now resistance. As a daily chart it doesn't look great, maybe test S1 again, but money management rules presumably would dictate that you don't take a loss until your stop has been hit, otherwise, you will hang in there and see what happens. Don't you love technical analysis? As for your question <<It has baffled me for a while and I just can't figure why it has so much trouble getting and staying in the 20's>>, I don't think TA has an answer for that and John Magee would caution us against thinking too much about anything except for the chart. Justin Mamis would tell us that by the time you know the "why" it will be too late.

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