Stock Attack -- A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Chris who wrote (1495)	6/5/1997 10:47:00 PM
From: Robert Graham	of 42787

I agree with your analysis. I think I would look at the pennant as "past history". It did breakdown through the bottom trendline. I agree. This places recent price action into proper perspective. In cases like this, there is usually a cofusion that relates to apparently conflicting price action of the stock. An appropriate choice of timeframe clears it up. The drop down to its former trend channel allowed the stock to recover to some extent from its oversold state. Stochastic gave a selll signal a few days ago which may mean in this case a short term consolidation of the stock before the stock resumes its uptrend. Note how much the Stoch moved down from its oversold value in a short period of time while the stock has not dropped in price. Still, also note that the volume has been dropping on the price's recent move up. Both the RSI and Momentum indicators have broken down through their trendlines and now their trendline may act as a temporary resistance line to further increase in vvalue. This further supports the possability of a price consolidation for the stock. Bob Graham

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