Befriend the Trend Trading Message Board

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Strategies & Market Trends : Befriend the Trend Trading

SPY 683.21

+0.2%

Jan 2 4:00 PM EST

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To: go4it who wrote (2805)	1/26/1999 9:57:00 PM
From: Caroline	of 39683

CB, If you look at NWAC here: timely.com Notice that the price action stopped its downtrend in October 98. The trend is now flat. There was an unusual volume pattern at the peaks of late November 98 and mid January 99. The volume and peaks make this a hard-to-see double top. The price is sitting on the 40 day MA, but this whole area ($20-26) is "support" or "resistance" for the next move. The question is, is the next move up or down? Stochastics would say "buy," except that indicator has not been a good predictor of this stock's action. One thing for sure, the price is way below the 200-day MA. I would consider this stock again when and if the 40 moves higher and crosses above the 200. Good luck with it, (the other) CB

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