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Strategies & Market Trends : Steve's Channelling Thread
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To: Zeev Hed who wrote (722)3/25/2000 4:47:00 PM
From: Logain Ablar  Read Replies (1) of 30051
 
Zeev:

Hear is a PnF chart of VLNC. Its @ $30 on a column of O's
indicating supply is in control (more sellers than buyers)
sitting right on a double bottom (we are also right @ the
50 day ema). If it prints $29 its a double bottom break
and although we've had support @ around $27 the next PnF
support is @ $23ish (the triple top buy signal in January)
with firm support @ $20ish the bullish resistance line.

In my opinion we could have some stops triggered if we
break down from here (but we have had some support at this
$30 level, the stock came off of its lows on Friday even
though the market was selling off) and that can carry us to
your last buy in level around $27ish. The stock doesn't
give a buy signal until it prints $34 (for those on the
sidelines this would be the entry point at this time)

Notice though the range is tightening (and the 50 day ema
is approachng the 13 and 20 day ema's. This isn't a PnF
bullish triangle but it is starting to form a coiled spring
in the ema's. It hasn't formed the spring yet and may fail
at the attempt.

As you know I'm long and would prefer a break to the
upside. The stock would need solid news of a substantial
battery order (cell phone, I doubt they will receive a lap
top for a while, if memory serves the major equipment for
lap tops doesn't arrive till late summer or fall, I can be
mistaken on this item) or new coverage to break $35 but
that might move them past the resistance @ $40 if the NAZ
is still strong (depends on the news).

Any news on order problems and the stock goes to the
bullish support line pretty quick. If we see the stock
break your $26 to $27 level it may mean bad news is coming.

43 43
42 42
41 41
40 -----------------------------------------------X --------------------------40 -
39 X O 39
38 X O 38
37 X X O 37
36 X O X O 36
35 -----------------------------------X --X O ----3 O X ----------------------35 -
34 X O X O X X O X O X 34
33 X O X O X O X O X O X O X 33
32 X O X O X O X O X O X O X O Med32
31 X O X O X O X O O X O X O 31
30 -----------------------------------X O X O --O X ----O X O O ----------30 -
29 | X O 2 O X O X 29
28 | X O X O O X 28
27 | X O X O 27
26 | X O 26
25 -------------------------+---------X --------------------------------------25 -
24 | X 24
23 | X 23
22 X X | X 22
21 X O X O X 21
20 -----------X ------X O X O ----X --X --------------------------------------20 -
19.5 X O X O O X O X * 19.5
19.0 ----------X O ----X ----O ----X O X ----------------------* --------------19.0
18.5 X O X O X X O * 18.5
18.0 ----------X O ----X ----1 X O X ----------------------* ------------------18.0
17.5 X O X X O X O X * 17.5
17.0 ----------X O X O X ----O X O X ------------------* ----------------------17.0
16.5 X O X O X O X O * 16.5
16.0 ----------X O X O ------O --------------------* --------------------------16.0
15.5 X O | * 15.5
15.0 ----------X ------------+-----------------* ------------------------------15.0
14.5 X | * Bot14.5
14.0 ----------X ------------+-------------* ----------------------------------14.0
13.5 X | *
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