The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Thumma J. Reddy who wrote (31848)	9/4/1999 3:51:00 PM
From: Doug R	Read Replies (1) of 79270

Thumma...again, I ran out of edit time before I could throw in more detail. The stuff that may be cause for concern is in the price trend. An initial uptrend established along the lows on 6/2 and 6/29 has been accelerated off of to produce a trendline along the lows on 6/29 and 7/26. From there, another acceleration along the lows on 7/26 and 8/6 has been called into question twice now....on 8/26 and 9/2. It is this lack of conviction toward further trend acceleration that is reflected in the MACD trend break and the slip of the 89, 3, 5 below 80. A break below that price trend line would be a sell signal IMO. Any trades below 4 7/16 on Monday would mean the supply/demand dynamic represented by that line is no longer stable. For Tuesday the same result occurs if it trades below 4 1/2. A break of the line would most likely result in a move to about 4 1/16. If 4 1/16 happens on a high volume day and a good close, a several day, position trading opportunity on the long side will present itself as a technical reaction. Doug R

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