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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Chip McVickar who wrote (2535)7/7/2000 1:29:05 PM
From: John Pitera  Read Replies (1) of 33421
 
----The CRB index approaching L-T trend support: the index has been plunging lately, down from a June 30 peak of 227.28 to a low Thursday at 217.48. A major uptrend drawn from the July 15 1999 start of the move at 183.38 is met at 215.80 whilst the 100 day average, which has also worked as good support is met at 217.12. Given a strong former congestion top below there at 214.50, it is likely that downside progress from here will be tough going. This is borne out by the RSI indicator which is approaching oversold and a former major reversal. The MACD indicator is aligned and falling but approaching the zero line and a reversal from within positive territory. Unless we see close below 214.50, this is probably a good buying area.---

so say the B.Com folks -g-
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