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Strategies & Market Trends : Rande Is . . . HOME

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To: JLS who wrote (30924)	7/31/2000 3:21:44 PM
From: Kevin Shea	Read Replies (1) of 57584

Julie ANAD (detailed TA or "gobble-de-gook") OK a little overdone but these days it is good to get LOTS of looks (even then one needs to be careful) -- the weekly is sitting on a long term support resistance line from late last year with MAJOR accumulation at these prices ( Volume COULD be lot of short players playing games in this market) BAD news is that the weekly trend is downward. Here it's the volume that's interesting. Daily momentum is still up and diverging as is MACD. The action around end of June showed an initial leading indicator upward move. And in early July price broke the downtrend line. It is now sitting at a double bottom, and riding the downtrend line like resistance. General cycle analysis suggests that this is a "likely" bottom profile at least in the daily...not sure how to read the 7/21 volume. Currently OS in daily... A long term downward trendline, originating in February, in the leading indicator is nearing a bottom here as well with a "bookend" similar to that of February. So lots of confluences of indicators and trendlines ( I do not use RSI or OBV so I can't speak to those) 60 min has my "secret" signal going positive, an MACD diverge, a MA break and a telltale evidence of an upcoming DMI crossover.... So, what does the gobble-de-gook tell us --- since the weekly is down it should be considered a trade and a good goal would be in the low 40's. It seems to have hit bottom again and is gaining strength. The downside risk is a stop at 23 or so. Only around for today.... then lurk for 3 days... then around some on Friday ( what a life!!)

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