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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Chris who wrote (30528)2/21/2002 11:17:41 PM
From: Smooth Drive  Read Replies (1) of 52237
 
Hello Chris,

GE does have a very strong P&F chart. Even though it's below its bearish resistance line this is a good looking pattern. Two patterns of note: 1) A Shakeout occurred with the double top at 41 that reversed down giving the first sell signal at 35, and then reversed back, and 2) A Bear Trap was formed with the last reversal up (spread triple sell signal without going even one more box down.)

You can see the bearish resistance line waiting at 45 and a not drawn in bullish resistance line at 46.

A bullish price objective of 59 -- which puts it right at the old resistance of 60. (Of course this pattern could go to beans if it reverses back down with another sell signal.)

stockcharts.com
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