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: Doug R who wrote (34602)	3/12/2000 5:59:00 PM
From: JBH	Read Replies (1) of 79237

Doug...re: CTRX I have been drawing some lines. I'm seeing what I think are all the TC areas that CTRX has taken out on the longer term charts and making some correlations within the daily chart as well. Tell me if I'm close here ;) Just some things I'm noticing: My(what I will call) IL line shows, for this month to be up around the 16.50 range. Next month it looks like it will move up to the 19.50 range as we scoot over and if we do not violate the lower areas. The Lower (ACT)? line shows to be brushing across this months low, just under the 8.50 area? I see a few confirmations in the chart which tell be this should be a area of strong support if we have to go there and possible reversal. #1 The old (TC?) horizontal line from August 1994 is just under 8.50. #2 The line I have drawn from the beginning of the February breakout just under 4.50 up to brushing across the, already tested once this month 8.50 area. #3 The CTRX historical attitude shows it finding support off of its 25xma....now at 8.28, as of Friday's close. We broke the 10 dma as of Friday's close and look to be headed towards the 20 dma, now at 8.85. Bottom line based on what I'm seeing: This months low just below 8.50, the 25xma 8.28 and the 20dma at 8.85 SHOULD provide the support AND still be within the range of volatility based on CTRX's attitude, as well as being above the old TC line from 1994. We seem to be working off of a pivot signal point from May 1996 to a certain degree? The indicators I watch on the mid term and long term chart seem to be all still showing positive and increasing. My hope will be that the 8.85 area will be as low as we go before finding hard support for reversal. Am I close? Don't give away any secrets, but just curious if this is a pretty good assessment. :) John

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