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Pastimes : Home on the range where the buffalo roam
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To: Walkingshadow who wrote (11186)3/5/2001 4:30:13 PM
From: Jim Willie CB  Read Replies (2) of 13572
 
in a downtrending market, support that breaks often serves as resistance on the next upward move
but that upward move is typically powered by short covering and momentum players joining the fun
no truism holds for all situations
I call the touch of old support on an upmove "the back door opening for final time"
you gotta be quick to find it, and it is usually a great shorting opp
most perma-bulls miss the back door though, and lose painfully after it shuts

/ jim
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