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Strategies & Market Trends : Wedges, triangles, and stuff: Chart patterns for breakouts
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To: HeyRainier who wrote (40)5/29/1997 10:48:00 PM
From: Doug R   of 257
 
Rainier,

Not having to write it up is much faster...BIOC has a score of 51.
One indicator, PVI/NVI, is 4. That's the only one that could be a
problem but decent buying would take care of that immediately. Also, it's
difficult to establish what would constitute a breakout. A line drawn
from the high on 10/29/93 through the high on 1/7/97 is a good
candidate. That line just happens to be at 1 1/8 now. 1 1/8 was today's
high so that line is still an influence. A more recent line extends
from the high on 6/6/96 through the high on 1/7/97. That would be a more
conservative signal to wait for.

The only uptrend is just 4 days old. Support is difficult to establish as well.
Horizontal support is weak. A line draw from the high on 1/7 through
the high on 5/7 would be a likely target for a breakdown.

What do you see as a significant breakout signal?

Doug R
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