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Strategies & Market Trends : Continuing the IFMX discussion and more...
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To: Robert Graham who wrote (167)9/11/1997 1:58:00 AM
From: Robert Graham   of 206
 
This developed from a broadening formation. The lower trendline of this uptrend has been validated twice.

After an update of my database and a peek with Metastock, I see where I made a couple mistakes with me observations about the weekly graph on PSFT. The weekly graph currently shows an upward wedge pattern. I think I have mentioned this before. however, there is evidence that an uptrend channel has formed. We may see in a couple weeks which trendline the stock willl respect: the lower trendline of the upward trend channel, or the lower trendline of the upwawrd wedge pattern. Rigth now I would have to place my bets of the trendline of the upwward wedge. This is because a trendline is valid until invalidated. The completion of this patter usually results in a downtrend for the stock. Still, this pattern can allow the stock to go to at least go to its previous high of 66 1/3 or even higher before completing.

The stock is at a good turnaround point. The price is currently at its middle Bollinger Band (the MA of the Bollinger Bands), the price it at a resistance of 56, and its RSI is at a resistance point at its 50 level. There is still potential for this stock to drop more in price, perhaps all the way to 52, I think this is unlikely. Tomarrow can be a key day for this stock. Tomarrow's market will influence the outcome here. As a side note, the market may go down some more before rebounding. If it moves down much further, there is a good chance that it will reveisit yet another time its reaction low at about 7580. This has the potential of stalling PSFT from a good rebound. So tomarrow can be a key day for the Dow.

Bob Graham
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