ST trading:
50 has often been resistance for AMAT, and a good place to short. However, I am a bit worried about the pattern of higher lows (36, 38, 40, in 12/00, 4/01, and 7/01). Also, the April high was higher than the January high. So, the support and resistance lines may be ascending parallel lines, rather than horizontal lines. This would indicate I need to wait to 58 or so, before shorting AMAT. I had been using NVLS, but NVLS has been showing relative strength, compared to AMAT, so I will use AMAT next time.
I have been accumulating long positions in techs, from mid-June through mid-July. Today, I started selling those long positions. |
