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Technology Stocks : eBay - Superb Internet Business Model
EBAY 83.82-0.7%Nov 14 9:30 AM EST
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To: Sabrejet who wrote (6223)12/10/1999 8:11:00 AM
From: Ron Kline  Read Replies (1) of 7772
 
Turn that chart upside down and look at April or Feb and March 99 and you will see the consolidations and it doesn't look so much like a "strong move coming". The point is you have to look a the chart in a bigger light (more forward looking). For one EBAy did not form a clasic double top, it formed what is called a head and shoulders in May. If you looked at many internet stocks most did this before the correction, most are beyond it and at all time highs. If you were saying I think I want to sell Ebay in June because you saw this than great. But at this point it's over and serves no use. Secondly EBAY is trading above both 50 and 100 day averages an important barometer to the health of the stock in this point in time. Third if you draw triangles on the tops and bottoms you will see the focal point at $150. That is where you will see either a breakdown below or above those triangle lines. Ebay broke to the upside near Dec 1. That would be the buy point a TA person would make. Bottom line is it's great to not have a bias and act on it, but you also should know that you better feel confident on your abilty to read the chart corectly. Finally TA never completely answers all questions. It is used as a help meter not a complete answer since it's not shown to be 100% accurate.

I'm not saying I'm an expert in TA but in my view I do not think you are reading the chart of EBAY correctly. I guess we will find out by January who is reading it right.

Good Luck,

Ron
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