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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (4687)	2/6/2005 1:28:20 PM
From: Walkingshadow	Read Replies (1) of 8752

Have you considered sleeping on your stomach? <ggg> Have a look at the huge pool of volume lying below QQQQ at 35: stockcharts.com[h,a]waclyyay[de][pi!d20,2][vc60][iLg!Lp14,3,3]&pref=G Besides the solid chart support, that's another reason to believe the correction will get stopped dead in its tracks there. Actually, I'm sure you recognize that volume is the reason for the chart support there in the first place, since it indicates that at those prices professional buyers turn out in force and pull out all the stops. But I think this chart graphically shows why that particular level represents solid support. It is not some arbitrary level picked out of a chart, but fundamentally reflects the balance of buying and selling pressure, and how dominant buying pressure is at that level. And that's why it is important to identify such levels of support and resistance IMHO. T

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