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Strategies & Market Trends : Technical Analysis With Charts

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From: MACD X	10/6/2005 8:31:16 PM
	of 6865

THE REAL SUPPORT AND RESISTANCE LINES stockcharts.com[g,a]dacayyay[d19901006,20051006][p][vc60][iub14!la12,26,9!lc20][J60384952,Y]&listNum=4 Traditional ways of looking at support and resistance is that of a previous peak or bottom where price has reversed before and then is thought to be support and resistance. This being the mainstream way of thinking a lot of money is piled around these price support areas both above and below. The market makers when wanting to reverse a trend doesnt want use all the inventory accumulated from the last move so they start the move early to avoid using the accumulation. The real support and resistance is that coming from trend line breaks. By drawing a line horizontially from a trend line break a top or a bottom will likely occur at this horizontial line at some point. You can see the effects on this stock as this has occurred over the history of Alcoa. Next bottom should be around 20. This is the only area with a unused trendline break.

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