Yogi,
Hi Dan, I always draw my trend-lines across the tops or bottoms of "candlestick bodies", not the actual lows or highs, unless the candlestick (not the wick) happens to coincide with an actual high or low.
Whatever suits your eye and are accustomed to, although in this particular case the lines across the body tops and the lines across the highs give almost the identical line. Either way, I get the trendline hitting a bit above 4_1/2 today and just about on it tomorrow.
Still waiting for AMES to do something here, and am sure glad I wrote some calls higher up at this point
I'm waiting too, and regretting not writing calls. The one good thing I can read into the chart is the volume drying up. When people finally say enough is enough, and are willing to wait for a recovery, the MMs have to take the prices up to get the action. I doubt the institutional holders are dumping the stock down here. If Arthur is right that the MMs are short, the institutions can't buy down here either. According to Thompson, cross referenced to Time and Sales, there was a single institutional trade for 25,000 shares today, and less than half the average volume. Without that one big block, the average trade was about 750 shares. Still the little guys giving it up, but fewer are willing to cave in now. If the market can hold up a few more days, we will get above the trend line, and may yet see a little rally. That could kick in some short covering and we might even pop into the high fives.
Dan |
