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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Robert Graham who wrote (25340)	7/12/2000 11:28:34 AM
From: Robert Graham	Read Replies (1) of 42787

Looks like a type of bottom has been put in and now is resolving upward. The test of support I looks for was not made as I would like it to be, but that is becoming normal in this type of market. Also there were two swings preceding this including the gap up that I can see on the 7-min chart. So this move up may be saying something here. There will probably be one more move down for a test of support before an attempt at a continuation. I think the market is at a juncture now. Either there will be continued congestion trading, or a continued move up from here. Price also testing once again the Globex high. Now looks like a continuation move. Price is starting to behave differently now. What I would like to see is a price contraction before an attempt to get out of this current trading range. I think the next price target will be today's high. Note that no new low was put in before this move even though price was within spitting distance of that low twice. Price still battling with a trendline. I think there will be one more pull back coming up...and now here it comes. Looks like price is "cozying" up to the 20 EMA 1 in the form of congested price action where it may attempt another push up. If price is going to continue up, this is where it is likely to continue. But I would like to see some minoe test of bottom or other price action that I find frequently launches good moves before I would want to trade this. Nope...price is puling back. A breakout at that point would of confirmed to me that price is ready to move out of its congestion trading range. Now the pullback will be significant as moves have been in this congestion region. Price testing the 20 EMA 7 again. Usually this means price will break through and continue down. Bob Graham

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