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Strategies & Market Trends : Technical Analysis - Beginners

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To: Michael Watkins who wrote (11520)	2/10/2001 12:32:25 PM
From: Trader X	of 12039

RE INTC I see what you mean on the weekly. But my basic assumption is drawn from the daily price pattern while the weekly MACD divergence was just something I noticed from your weekly chart. The price pattern, if this is a head/shoulders reversal forming, shows that the right shoulder could drop as low as $31 1/2 and still be considered part of the pattern development. The neckline is at $38. The shooting star you mentioned was stopped by the neckline, which is higher than the lowest line you have drawn. Volume seems to support my idea with peaks located at the left shoulder and the Jan. low (head) at $30. Just something to watch, since INTC is a bell weather, and there may be a long trade if it pans out this way.

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