Galapagos Islands Message Board

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Strategies & Market Trends : Galapagos Islands

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To: gypsees who wrote (27597)	2/18/2003 9:32:07 PM
From: bramble88	Read Replies (3) of 57110

I am still bearishly biased and so think the trap will harmlessly self destruct before tomorrow is done. But to have some balance, this is what I think the short-term worst case scenario looks like (for shorts): Am just looking at the COMP right now. There is a wide downward sloping channel developing with a downtrend line that can be drawn from the Dec 1st high and through the January high; a parallel line happens to nicely run through the Dec and Feb lows. We are now after two rally days about half-way to the top of the channel. There is resistance at 1355, 1375 and 1380, and I really don't expect us to bust through all that unless some really unexpected good news materialize (or a really good spin, more likely), but I see the most bullish scenario as a move all the way up to the descending top-of-channel line defined above. This line is now at 1420 but will be about 1412 by the end of the week. Another reason why this will probably not happen: the 50dma is now ~1365; so maybe we come close to that tomorrow and retreat; then again, we may never make it past today's high.

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