The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Doug R who wrote (396)	7/23/1997 2:09:00 AM
From: Doug R	of 79313

Okay... There's plenty of short-term room in the SMI and Stochastics. There's breakouts along all periods of RSI as measured by a line extending from the RSI peak in late Feb/early March 96 to a lower peak in June 97. This breakout is a little late in coming since the price broke that same resistance a couple weeks ago. It's better when they are concurrent. The 3 day RSI is almost to the ceiling so we'll likely have to sit on a base after tomorrow while there is some accumulation. If it gets rocky, don't sweat it. The 89 %K is on a breakout with plenty of room to the top. MA/MLR indications are good. Those damn Bollinger Bands better get worked out on the base. PVI (positive volume index) is at an alltime high. That's good. MACD is good. Moneyflow tends to agree with the 3 day RSI and the Bollinger Bands. The shortest of the moving avgs. are just beginning to cross over the 200 day MA. We'll probably see them all pull back to the 200 day MA just as the 100 day MA reaches it. This compression of all the MA's will be the setup for another but more significant buy signal (hopefully the tech profile will be a bit cleaner by then). All in all I'd say $2 still has a bit of gravity exerted on the current chart. With that said, anything under 2 1/2 is a good price. Everybody keep an eye on the trend in scrap prices. Who's got the URL for that? Doug R

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