Stock Attack II - A Complete Analysis Message Board

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

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To: yard_man who wrote (49033)	5/4/2004 5:09:16 PM
From: Michael Watkins	Read Replies (1) of 52237

With no comment on the fundamentals of the biz, CSCO has a chart like a ton of other tech stops - price just under a test of a previous bottom / resistance with an inside day yesterday (Monday) and now either another inside day or an up day of sorts. The pattern is 3 inside up - if the market was to reverse up this week, this would be the place to buy with a stop under Mondays low, moved to break even as soon as possible. If the pattern fails tomorrow, then the past two days look merely like a pause before another leg down, a failure to move up over resistance, and you'd expect another day down similar to Fridays range as an opening gambit. Just clicking through a few names I see a great number of these patterns as well as stocks which have sold off big time without pause - there could easily be a snap back rally for a bit here. I bet I am going to find a ton of similar charts like this in my review tonight. The close today wasn't exactly what the doctor ordered however so the jury is out until tomorrow. Should be fun either way.

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