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Strategies & Market Trends : Tom and Craig's Stock Scans
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To: Tom Allinder who wrote (6)8/20/1999 9:25:00 AM
From: Don Pueblo  Read Replies (1) of 154
 
Being at or near a high eliminates a lot of overhead resistance.

Yes and no. In one important sense, you are correct, and most people don't understand this.

In another sense, being at or near a high is a very strong resistance point. Correlate your idea with volume and you should see some interesting stuff. DeMark has a trend-line concept in his book that you would probably really like.

Keep in mind that it is possible for a player with lots of money (a market maker, for example) to "stimulate" a stock and make it appear stronger on the chart than it might appear otherwise. The smaller the float and the cheaper the price of the stock, the less money it takes to "stimulate". An ordinary run-of-the-mill day trader can move a stock if he has a couple of million dollars to play with.
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