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Technology Stocks : Broadcom (BRCM)
BRCM 54.670.0%Feb 9 4:00 PM EST
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To: Michael Friesen who wrote (2048)6/24/1999 5:25:00 PM
From: Patsy Collins  Read Replies (2) of 6531
 
I don't really think 10500 on DJI has any real support power. It's another one of those big round numbers that capture our attention. I think the real support is at 9736, the weekly close on March 5.

I use daily charts for intra-day trades only. While I resort to weekly and monthly charts to find inflection points. For instance, in the weekly DJI chart, the recent rally started back during the week of September 4th, at a low of 7400. We shot up to 11130 during the week of May 14. A Fibonacci 3/8 price retracement takes us down to 9713, this coincides with the weekly close of 9736 very well.

I also think, on a short-term basis, we're due for a 2-3% bounce. Even in light of an impending Fed hike of 50bp or more.
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