Piffer OT - And Other Assorted Nuts Message Board

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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts

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To: Jorj X Mckie who wrote (46471)	7/21/2000 5:46:57 PM
From: Atin	Read Replies (1) of 63513

There is actually a lot of supply at 70 for CSCO. If you look at the last time we tested 70 when it was support between 3/30 and 4/11, all that volume is people who bought near 70. Many of them sold on 5/1-5/2 when it came back ("please god, just let me get even . . ."). That's why 70 was resistance. We fell hard and the people who were left still holding at 70 were praying even harder. Well, sure enough, the Cisco kid comes back and they sell between 6/14 and 6/22. Add up those volumes. Whatever is left is what is selling now (approx. of course). Once all that is gone, we go up, if the market also cooperates! I need to figure out a way to automate this analysis of volume at support/resistance and put it on a P&F chart somehow to figure out whether a breakout is going to happen or not . . . -Atin

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