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Strategies & Market Trends : Three Amigos Stock Thread

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To: in_cog_nito who wrote (21918)	11/10/2000 1:03:16 AM
From: couldawoulda	Read Replies (1) of 29382

RDRT - The charts indicate a RSI 7 day close near a support line tracing back to June of this year. Since July, RDRT has had a pension for turning up after hitting a common RSI low of around 50. Yesterday the stock blew by that and is now resting on support levels set consistently in the month of June. A moderate buy was triggered at the day's low today - 6.50. Stochastics are also resting on potential bounce areas made at the very beginning of this month and in July. Added to that, the fast signal crossed over the slow which usually constitutes some immediate relief. Made a purchase of RDRT at 6.50 today to go along with a purchase in the mid sevens yesterday. MACD did turn decidedly negative today, however, with any kind of relief rally from oversold levels in the nasdaq, the MACD could easily establish itself once again encouraging the stock to tackle the 9's. A market falling further would mean RDRT is forced to test another common RSI low of 30 for the stock, or a drop of 25%. A firm buying opportunity would be generated therefore between 5.50 and 6.00. Futures indicate as of now a -30 open, so that could very well be in order. I hope not.

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