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Strategies & Market Trends : Ask DrBob
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To: flyeguy99 who wrote (7075)9/29/2000 6:29:49 PM
From: the-phoenix  Read Replies (1) of 100058
 
flyeguy: Good trading to you, but the short-term chart of CSCO doesn't look very good to me. In the hourly charts I see a consolidation at the lows that could be drawn as a descending triangle. We are at the third test of support at 55 right here and usually the third test results in a break, BUT, if it bounces off again, then it could signal a successful test (for now). However, the fact that it has been hanging around down near support for 4-5 days also suggests to me that it is ready to fall through. Finally, most indicators on the hourly chart are still headed down. You are an experienced TA-er, so what do you see that suggests to you that a long position here is potentially profitable? Thanks, I enjoy sharing TA with you guys.

The Phoenix
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