Stock Attack -- A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: sean sanders who wrote (3157)	8/2/1997 11:06:00 PM
From: ted free	of 42787

Sean- I have the many of same questions you on the daily movement of a stock. One stock that I have been looking at recently WCLX (Wisconsin cent trans). I was thinking of taking a position in it on Friday but hesitated as some monthly reports were weighing on the market. The stock went up strongly at the open with a lot of 50K plus blocks that appeared to be buys. It slowed down as soon as the bond market reacted to a report and pulled back to about half of its days gain. I can only assume it pulled back in sympathy to the bond market? So what can one expect it to do on Monday? Since it was a wide range trading day it may narrow on Monday? Since it went up early in the day and fell back will it continue to retreat Monday? The volume early in the day was much greater than late in the day will it resume higher volume on Monday and retest the resistance at 33? I'm not sure how to read this but look forward to comments. Looking at this stock in a slightly longer term basis I think the gap will be filled that occurred at 34 and the stock should go up to 36 and meet resistance. I have not looked at the fundamentals in depth so my comfort level is not high in that area yet and am only considering this stock as a short term trade. ESA- I have been watching this stock closely and the Ascending Triangle has been easy to spot. Two sentences from Edwards and Magee book describes Asc Tri.. "The Ascending Triangle happens when growing demand for a certain stock meets a large block of shares for sale at a fixed price. If the demand continues, the supply being distributed at that price will be entirely absorbed by the new owners looking for still higher price levels, and prices will then advance rapidly." The complete explanation is 7 pages in the book. It will be interesting to see if the stock moves as expected in the next few days. Regards, Ted Free

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