The 56 Point TA; Charts With an Attitude Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Dave H who wrote (9246)	12/14/1997 1:55:00 PM
From: Dave H	Read Replies (3) of 79377

RECY....caution flag raised on friday Well, one of the things I learned at the seminar was IL construction... and based on this, RECY broke its "safety net" intraday for the first time ever on friday. (it wasn't even broken on the day after the correction...take a look at that drop on the chart and you'll see that friday's drop was quite significant, given that the entire market didn't make a similar swing...) A violation of such a construction is a bearish signal. This doesn't mean that recy is going down for sure 100%; but when something like this happens in the charts, it's a big deal and I wanted people to be aware of it. Since there's no confirmation yet, things could go either way. If it does drop, I'm looking for support in the 4.25 - 4.5 range to kick in. fyi, Below that, the support line is 2 7/8. I'm not advising anyone to do anything, since RECY could end up with a new breakout next week. but be extremely cautious with regards to recy after friday's action. A relatively large warning signal has been thrown. -dave

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next