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Strategies & Market Trends : Steve's Channelling Thread

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To: mishedlo who wrote (3849)	7/30/2000 11:31:14 PM
From: Jorj X Mckie	Read Replies (1) of 30051

mishedlo, It doesn't necessarily indicate a reversal in RMBS yet. Just the potential. We would need more Xs in the current column. The rising column of "*" is what is called the "Bullish Support Line" or BSL. Often it will correspond to the 200 dma, but does not necessarily have to. It is basically the long term bullish trend line. If the line is violated that is considered a bearish indication. I would not buy RMBS based on the P&F chart. Some others might. I agree with Zeev though that one should not rely on one charting or TA technique. Based on the chart, I would be looking to enter RMBS at $55. This assumes that the market continues to break down as it has been. JXM

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