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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (30727)2/15/2000 5:52:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Few points need to be re-examined..

<<<<Monday, Feb 14, 2000 9:52 AM ET
Reply # of 30727

1402 resistance initially and 1392 is the support with 1382 as the important area, 1408 interim resistance if we go through it we have chance of seeing 1428-- if we fail their we will certainly test 1392 and 1382.. the major gap is the 1342-48 area, on DOW 10550 rebound off 700 on bkx may give intial buying signal.. 4025 break on the upside would see some sharp buying whereas 3965 will lead to steep sell off..to 3920.. area.. fwiw >>

1402 did act as a resistance whereas 1382 was a perfect support from where we bounced, now interestingly we have closed at 1409 area that is a point above where I thought was my interim resistance.

As we rebounded off 1382 we did not see that lower supports in play..

This is what I want to highlight that is <<on DOW 10550 rebound off 700 on bkx may give intial buying signal.. >> now we held on to 10500 rather tested 10496 but important signal came from bkx 700 as we tested the break and held it nicely..

<<whereas 3965 will lead to steep sell off..to 3920.. area.. fwiw >>

we saw that sharp selling as NDX 3965 was taken out we tested the area much below 3920 we rather reversed from 13 days MA on NDX at around 3855.. that is a good test.. all bull runs do respect 13 days MA and most of the time vertical bull runs move along this trajectory well.. just few notes for self education and re test of style. The message is short but the results are satisfatory and that
is important for any day trader..
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