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Strategies & Market Trends : Playing the QQQQ with Terry and friends.
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To: Zeddie88 who wrote (985)6/23/2005 8:23:01 AM
From: Walkingshadow  Read Replies (2) of 4814
 
Hi Sue,

I think you are right, HURC looks destined to test the lower BB rail. The BBs are getting extremely contracted now:

stockcharts.com[w,a]daclyyay[dc][pd20,2!a16.50][vc60][iLg!Lyb20,2.0]&pref=G

There is recent chart support at about the same level as the lower BB rail as well, so that makes a reversal there fairly likely since HURC is in an uptrend.

However, there no technical evidence of reversal developing yet:

139.142.147.218

So I think most likely HURC has another day or two of downside left. By then, HURC should be very oversold, and upside reversal is likely. Alternatively, HURC could continue consolidating sideways for a while before resuming the uptrend. I think the likelihood that HURC will fail at the lower BB rail is very low, partly because HURC is in an uptrend, and partly because of the recent gap on big volume, which acts as support.

T
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