Stock Attack II - A Complete Analysis Message Board

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

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To: Berney who wrote (23195)	11/2/2001 2:21:16 PM
From: BirdDog	Read Replies (2) of 52237

...nice trade... Thank you. I seriously don't wish to clutter up this good thread with my dumb in depth posts on one company. Actually, I know as much about 5 companies that I do about this one. I am learning TA. I am responding only to ask why people find this one so bad through TA? I can understand people having superficial knowledge of this company finding it bad in FA. But the TA? Let me ask... The last high (8/2 $16.15) didn't reach resistance at the "bear market downtrend line". The resistance from that high is where this stock is bumping against right now. The next intermediate high (8/28 $14.35) met resistance at the bear market dowtrend line. That intermediate high was broken yesterday and showing support today. The bear market downtrend line was broken at the open of 10/12 $10.75 price. The bear market downtrend line was next visited and provided support on four days...10/18-19-20-22. The last of those four day left the bear market downtrend line at a price of $10.04. We haven't seen it since. We have gone up. With one retracement. A classic stairstep fashion. We are now in the second retracement. With support below at the bear market downtrend line at $9.25. Support with the 30SMA at $10.51 and the 60SMA at $11.31. Yes, I prefer SMA to EMA. These are all on a daily chart. Periods corresponding. From a strict TA viewpoint... why does this look so bad? Besides all the bad news on the economy and the overall market...expectations are for a downturn I know. The market is very choppy. Many are showing signs of possible break down. If I had followed advise on TA; I would have never bought at $6.50...it was in "free fall". Have I learned that badly? If one were to set a buy stop just above the last high resistance ($16.15). This stock completes it's current retracement, then breaks that high. The only resistance overhead is the 200 SMA, then the May high. With much support below. This is what I thought people would see with my suggestion to look at it. Again...Have I learned that badly? BirdDog

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