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Strategies & Market Trends : Chart Formations

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To: sean sanders who wrote (177)	7/14/1999 7:36:00 AM
From: Casaubon	Read Replies (1) of 967

Dang! My free data source doesn't have current enough data for CPQ, to get the exact date, price, and volume. The spring is a single candlestick event. Since I was talking about the daily chart, it represents the action of the only day in June when CPQ touched $20. It did so on higher volume relative to at least the last 30 trading sessions. The candlestick appears as a mid-size white candlestick, with a mid-size lower wick. Thus, it is hammer-like in appearance. I have included a link to the chart for easy reference purposes. I don't think anymore confirmation is necessary than the higher volume and the bounce off of resistance. It is easy to see that $22 has been long term resistance on the weekly chart (2nd link). The very short term violation of that long term resistance is what sets up the powerful spring action. iqc.com iqc.com As you can see, CPQ just now reached the top of the trading channel at about $26 and change. Not a bad return for a months investment!

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