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Strategies & Market Trends : Rande Is . . . HOME
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To: American Spirit who wrote (18338)1/9/2000 11:52:00 PM
From: Proton  Read Replies (2) of 57584
 
Re: Bebe, Didn't He Hang around with Nixon?

On Friday (1/7), BEBE tested its October low. The test appears successful:

1. The low at 18.125 held, with contracting volume on the hourly chart.

2. Fourteen-day RSI was marginally higher at Friday's retest than at the October low.

3. The plunge below the lower Bollinger Band, followed by a return within the Bands, is good corroborating evidence for a bottom.

4. Daily momentum measures are nicely oversold. Williams %R (a personal favorite) is already turning back up.

5. One can argue that a Hammer formed on the daily candlestick chart on Friday. It's not perfect, but, given that it occurred on a retest, it may indicate a trend change.

I prefer trend confirmation over trend change TA, so any one or two of these arguments wouldn't turn my head. All five make for an interesting trade.

I would consider establishing half my position now (I would have considered at the close Friday, but I was in the trenches with an NT trading position at that time). The other half?

Either on a breakout of 20.125 (bottom of long black candle on 1/4) or near a retest of the low (18 3/4 or so).

My initial stop would be 17 13/16, but your mileage may vary. Follow-up stops in the range 19 7/16-7/8.

P.

Disclosure: I have no position in BEBE as of the time of this posting
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