Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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From: lexi2004	4/8/2006 10:11:38 AM
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XXIA...At first glance looking at a 6 month chart, it looked to me that XXIA was traveling in an upward channel and that it was at the bottom of that channel so an opportunity to go long and perhaps reach the high of that channel at around $16. However, as I looked at a longer time frame, I could see the stock is definitely in a downtrend. Starting with the high in June, I connected the tops to form a TL and found that the stock often moved up to the trendline as it did in January, then moved down. (In fact January was a significant gap down.) It appears that on Friday the stock was trading on the upper side of that downward trendline and ended the day below it butted up against it as R. If it breaks the lower TL connecting the lows of this channel from January to now, I'm thinking it could move down at least to the 10 area to find support. The break would be right around 12.58 and if support was found at 10, that would make it a 2.58 move. Now how did I do on that analysis? :) I'm doing my best to get better here and not just asking you to analyse things for me. Rather, I'm trying to bring something to the board that might benefit others. Lexi

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