Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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From: chowder	12/19/2005 6:15:28 PM
	Read Replies (2) of 13449

12/20 SET UP ..... WMB ... Swing trade .............. WMB is setting up a snap back pattern. After setting a recent price high, price has pulled back over the last 3 sessions into a minor support level, the gap that was created back on 12/12. We have two wide range bear bars followed by a very narrow range bar. When you see a narrow range bar appear following a series of wide range bars, it's telling you the momentum of the preceding move is running out of energy and look for a potential reversal. The volume on the pull back is very encouraging if you have a long term view of this stock. The selling volume over the last 3 sessions was less than the buying volume of the previous 3 sessions. So, it is bullish that we are not seeing a transfer of volume from bulls to bears. This is a 2-5 day time frame trade set up. stockcharts.com[h,a]daclyiay[d20051019,20051219][pb50!b20][vc60][iut][J65075200,Y]&listNum=1 Entry target should be 6 to 12 cents above the resistance line noted on the chart, above $24.00 would be my target. I would look for a profit target of $1.50 to $3.00. I would then place a stop below $23.25. dabum

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