MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: heehee1 who wrote (63195)	11/27/2000 6:14:46 PM
From: HairBall	Read Replies (2) of 99985

heehee1: I don't usually do individual stock reads. However, I have not done one for a while, so here goes. PDLI (Protein Design Labs, Inc.) <----- Technical Read: Short-term you should have bought at the low on Nov 20th and sold at the high for today...<g> Of course, hindsight is 20/20...a lot of after the fact posting on SI as of late...even with paper trade accounts!!! I can't plot a full daily semi-log scale QChart of PDLI as the price swing is too dramatic and QCharts in log scale will not plot the price chart when the price swing with in the window is extreme and includes a price below 20. After a major move from below 20 in Nov 99, PDLI jumped to 169 in about three months. It came back down even faster, giving back nearly all the gains in less than a month. It put in a bottom at about 26 on April 4, 2000. The next day it began a zig zag rally back to a high of (146.25) on 11/03/00. Likely a several month rise to test the previous top. This rise was contained within a multi month rising wedge. After the top on 11/3 the price action began to roll over and began a dramatic decline bottoming out once again in one day on 11/20 at (70.0625). The rise off the 11/20 bottom was dramatic, but contained within a rising wedge. Looking at the intraday chart, the price action from the gap down on 11/10-13 began what looks to be a inverse H&S pattern with shoulder pads...<g> (H&S patterns are not very reliable.) The rise within the wedge topped out today at what could become the neckline measured from the 11/16 pivot high. My intraday technicals say a decline from current levels is likely. Look for support at the 92/93 levels. If this holds followed by a rally, the H&S may well form and have the possibility to complete. If it does complete first resistance would be the support line of the longer-term rising wedge from April followed by an attraction and resistance from the Nov gap down. If support in the 90s does not hold I would look for a more complete retrace of the wedge formation. Good trading... Regards, LG

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