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Strategies & Market Trends : Steve's Channelling Thread

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To: jhg_in_kc who wrote (3020)	7/8/2000 6:57:52 AM
From: Zeev Hed	Read Replies (2) of 30051

jhg, I have put a "yellow flag" on RMBS yesterday, but until it breaches $97 or so, it is still in a bull move.It is rapidly forming an ugly pattern of topping here, so I would be careful. It is still going to be tradeable, but it may develop a broad down channel despite the fact that the whole market may be going up. By the way, if and when RMBS breaks from the current narrowing channel, either up or down (and right now you have to view the trading range as a pennant within a bull move, so the next move has a higher probability of being up), that move will be big. On a breakout up I have the $145 to $150 as a target. If it breaks down, I see a possibility of closing the gap around $75. Zeev

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