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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (56575)	10/15/2002 8:24:47 PM
From: The Freep	Read Replies (1) of 209892

Anyone wanna look at AMGN's chart? It looks like a hanging man today, right above the upper BB and mildly above one possible upper wedge line of a long bear flag. Stochastics are pegged, RSI as high as it's been since last Nov/December when the stock was 30% higher. Volume on this rally less than on the steep selloff (that accompanied the news that there's a big seller of the stock). In other words. . . looks like this stock needs a rest/retrace. The BBH and BTK also had interesting days, closing well off their highs (yet above their upper bands and yet also above their respective 50 dmas). In all the above cases, I'm darned if I can come up with a wave count that's clear and easy, so perhaps someone more savvy than I can do so. the freep

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