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Strategies & Market Trends : Classic TA Workplace
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To: Johnny_Blaze_420 who wrote (53131)9/12/2002 6:36:41 PM
From: The Freep  Read Replies (2) of 209892
 
Yo, Blazing boy. . . in my attempt to learn, I keep staring at the MSFT chart trying to figure out why you'd buy calls right now. I don't see MSFT at strong support at 47 (though there's some horizontal support, I guess, but this is the third time here within days). I don't see it really oversold on anything but the shorter timeframes. Yes, there might be a bounce of 50 cents, and if that's all you plan to hold for, you might even get it at the open. But from the chart I would think that MSFT has a date with lower prices here very soon, where, if you wanted to play it long, you'd get a better entry. And I see nothing about the chart that says it is likely to bounce right here and now without visiting lower first (even if only to 46.8 or so where I can draw a trendline from the July low to the early Sept low). What are you seeing that I'm not?

Thanks!

the freeeeeeep
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