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Pastimes : Home on the range where the buffalo roam

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To: Olu Emuleomo who wrote (11183)	3/5/2001 3:15:55 PM
From: Walkingshadow	Read Replies (1) of 13572

<< ....support does NOT work in a bear mkt ... >> IMHO, that is at best a gross oversimplification, at worst simply not true. If it were true, every stock would eventually trade down to zero, because all supports would eventually fail. That doesn't happen, this side of the bulletin boards. The principles of support and resistance are always valid, but that does not necessarily mean that support will hold, and tests of resistance will fail. It also does not mean the opposite. In a downtrending stock, support is more likely to fail, and resistance is less likely to be successfully tested. And if the market and sector are also downtrending, this is even more likely to be true, since a market and sector moving in tandem to a stock will tend to increase momentum in that stock. The converse is true for uptrending stocks. JMVHO, as always...... WS

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