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Strategies & Market Trends : Sharck Soup

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To: Smartypts who wrote (4684)	11/15/2000 11:43:16 PM
From: velociraptor_	of 37746

Re: RESP...The chart looks pretty decent on first glance. The last week or so formed an ascending consolidation pattern with resistance in the low 25's. These patterns are bullish and today we got the break above resistance as expected. The move from 19 to near 25 was about 6 points so a break could potentially yield a target of 30-31 to the upside. I do have to also make a word of caution though. The stochastics are heavy in the overbought region and have turned and crossed over, indicating that downside is favored. So...was the break above resistance a fake out? A pass down through 24 1/2 confirms a fake. A break below 23 3/4 makes it a good short.

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