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Strategies & Market Trends : Technical Analysis- Indicators & Systems
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To: Robert Graham who wrote (492)3/20/1997 7:31:00 AM
From: SteelBlueIce   of 3325
 
Hi Bob,

My INTC charts have had two dominant trendlines in the last several weeks. The uptrend channel and now the corrective downtrend channel. I drew my horizontal support and resistance lines at areas where prices once met for varying lengths of time. Some are stronger than others but they are really there for reference, until INTC breaks that all important channel, prices will drop further.

What constitutes a good line, or a 'strong' line would depend on the number of times price has come back to that line and for what duration. The more time and volume spent, the better. I think it's really important to know where important lines of support are but I would not give more importance to it than the current trend. The current short term down trend may just be the next long term trend.

My point is that while there are weak and strong lines the strongest line is the current trend line. The current trend line can push stocks thru what was thought of a strong support area.

Regards,
Jerry
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