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Strategies & Market Trends : YEEHAW CANDIDATES
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To: Galirayo who wrote (17573)4/24/2006 9:22:10 AM
From: Dennis K. Showers  Read Replies (4) of 23958
 
To the Board,
I would like to introduce myself to the board. My name is Dennis Showers and I have been a member to Silicon Investor since the mid 90's. I seldom post and prefer to lurk instead. I read several message boards, as my time permits, and will say that without a doubt this is the best board that I have read to date. The knowledgeable posts, lack of non-topic clutter and respect that is given to each other makes this board a pleasure to monitor. With that said, occasionally I would like to offer posts to this board with the hope that they will provide stimulus or perhaps some insight as to how I view some chart patterns. I basically use candlestick patterns as my guide and find some of them to be uncanny in their ability to predict the future.

So, here is my first offer:

Please refer to Ray's chart on RTK. The sentiment of the board seems to be very bullish. However, Friday's candle was a classic Hanging Man. Look for bearish confirmation today. Couple that pattern with the tremendous run that the stock had during the past week (over bought) and and the fact that it is at resistance created by the past two highs set this year; and I think it is ripe for a reversal, perhaps back to the low 3's at support created by the lows set this year.

Longer term I think the stock is in an uptrend with the action of the past three months forming a Bull Flag, but short term I see the possibility of a correction.

stockcharts.com

Respectfully,

Dennis
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