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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: Robert Graham who wrote (1066)3/17/1997 9:20:00 PM
From: Robert Graham   of 14162
 
It looks like ROST went through its "resting" point by dipping and coming back up to 28 again. The day to day price action charted by candlesticks is showing signs that the stock is topping and is also showing some conflicting signs from the investor. One day gives a bearish signal and the next day gives a bullish signal. This can be expected to happen at tops. I believe the most to expect out of this stock is 30. A very favorable earnings report may spike it past 30, but I do not think it will close above 30. However, before it can reach 30, it has to break through its resistance point at 28.

I am going to try a new momentum theory of mine that I have been developing over the past couple weeks. I am hoping to use it to give me a more accurate picture of how the price will behave at a resistance line that it is approaching or that it is trading at. It appears that volume is increasing and the rate of change (ROC) is decreasing. This is a good condition for the price to break through 28 and perhaps reach 30. If I am wrong, then let us just say that a few neurons misfired and leave it at that. :) However, after the breakthrough at 28, I expect the stock a couple days later to establish a top.

Any feeedback or comments?

I would like to add that I consider myself in a learning mode when it comes to TA. I have had some successes in the past in the Informix thread, but there is so much to learn in TA. So beware of this if you choose to make investment decisions based on my TA discussions.
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