On the weekly chart, ORCL's next major level of support is that area of congestion around 6.23, from May '99. That became the next level after 8.6 failed. In an MM-type chart, if 7 failed, it would head to 6.25. If that failed, there's an area of congestion in the mid- to upper 5s. The MM level would be 5.46. The 0/8 in an MM-type chart would be 6.25. That's where it would start to look tempting.
But there's a hammer forming today. Maybe it'd be OK if that hammer formed around 7. That's the MM 1/8 in my chart. But if the Naz tanked again, there'd be pressure on ORCL, pushing it toward 6.25. In this market, it might pay to wait for the next level (or levels) down. When Monty wants to buy, he shuts the computer off and goes out to the workshop, he says, so the crooks can't take his money.
And so on and so forth. Real-time MM-type charts are possible in eSignal, btw. A lot of new other stuff is being translated for the program, too, such as Bill Williams indicators. Good stuff. I bring 'em up cuz I'm lookin' at them now.
(Monty: I can't get over your new mahogany furniture at your eSignal office. Do I need to just send down a purchase requisition for some of my own? And that jet you've ordered!) |
