RESISTANCE LEVELS- Ceilings & breakouts <30 min old Message Board

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Strategies & Market Trends : RESISTANCE LEVELS- Ceilings & breakouts <30 min old

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To: John McCarthy who wrote (11)	8/27/1997 5:31:00 AM
From: WHL	of 621

John: BIOX @ 30 1/2 I am with you when it comes to technical analysis. At times it seems to be pretty random in its results. Rather than trying to predict the future from mathematical concepts and chart patterns, this thread has a much simpler goal. Here we seek to identify levels that have acted as resistance to a stock's advance on previous occasions. When that happens, that resistance level sometimes becomes a ceiling for the stock price for a while. Once the resistance is meaningfully broken, however, the stock's price will often run for a few hours up to a few days. We seek to keep each other informed of such breakthroughs on a real time basis and to catch a 10-30% advance each time this penetration is real (ie. relatively high volume). As for your stock, BIOX, it is a good candidate to add to the list with a resistance level of 30 1/2. It reached this level and bounced off it to the downside recently. However, we are back approaching that level again. Average daily volume has been 123,500 shares. We may see a successful breakthrough on high volume any day now. If we do, based upon the relatively short duration of this resistance (only a couple of weeks), it is probable that a 10-20% gain or so would be forthcoming in a few hours to a few days. Hence, I will add that to our list and include 30 1/2 as the level of resistance. By the way, you can seen the phenomenon of which I speak occur in BIOX on three occasions in the last six months. Most recently on 8/14/97 the stock price broke through resistance at 26 1/2 (this resistance was established on 7/16/97). By the next day the stock had reached <b) 30 1/2 (+15%) ! I am serious about making money the old fashion way- by being smart. Please join me as an active participant in this thread. VTY, Bill Lawson

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