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Strategies & Market Trends : Wedges, triangles, and stuff: Chart patterns for breakouts
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To: j g cordes who wrote (110)6/13/1997 10:30:00 PM
From: HeyRainier   of 257
 
Jim, that's a tough call. I don't regularly make daily predictions, nor
weekly ones for that matter. However, as an off the record opinion, IBM
seems to have convincingly advanced through a short term trading range
that could imaginatively be described as an ascending triangle. Despite
the very probable profit-taking on Monday, I will go with the short-term
bullishness and the correlated market movements between Mondays and Fridays
and call for a slight advance. Should that occur, Tuesday you could expect
the called for profit-taking. For the rest of the week, IBM will trade
in a tight range as it tries to retest its highs from May 28.

Regards,

Rainier
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