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Strategies & Market Trends : Three Amigos Stock Thread

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To: JoeinIowa who wrote (23837)	2/15/2001 12:13:53 AM
From: Ken W	Read Replies (1) of 29382

Joe: Using your candle chart (which I have thrown my hands up on) and comparing it to one that I use, here is my opinion and the reason cited by Sergio. The 50dMA is well below the 200dMA thus the 200dMA becomes a resistance spot if the overbought/oversold indicators are in an overbought condition. (which is the present case) Notice on your chart that the short term money flow has gone neg. (meaning less buying is sending the stock higher, typical selling into strength, but vailed) This is comfirmed by the lower than average volume indicator. You could, maybe get 21 out of the stock, but at this point I would not risk it and start setting pretty tight sell stops under the stock. A retest of the 50dMA is in order before any move higher than present levels. Ken

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