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Strategies & Market Trends : Charts With An Attitude; Trading In & Out
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To: Dave H who wrote (4349)12/16/1997 9:29:00 AM
From: Ocote  Read Replies (2) of 4701
 
Short ideas II --based on charting principles

Sandisk(SNDK):

Sandisk accelerated its uptrend 4 times in 1997, hitting a blowoff top at 40 just before the October mini-crash.
It appears to have violated its IL in late June, but I guess that depends on which acceleration you look at.
It formed a head and shoulders which had its neckline violated and retested with a breakdown in the past few days.
VIMBO formation with breakdown confirmed by volume.
Next support down: 17, then 12 1/2.
Well established downtrend.

Federal Express(FDX)

FDX has broken down through its 50 dma and then through its long term trend line on increased volume.
It has since retested the major uptrend four times, finally closing below it 2 days ago. Since then has bounced back above the trend line and may want to find resistance in the down trend line before smashing decisively through the up trend line.

Cisco(CSCO)

Violated the line determined by lows of April and October yesterday on high volume. Closed above the line. Will be interesting to see if the next peak is lower, setting up a VIMBO.

VICOR Corp

Major uptrend line violated decisively. Following steep downtrend that has been tested 3 times.

Maxim

Violated uptrend two days ago. thenfell further to vilate the line formed from April lows and October lows. VIMBO.

A lot of sad charts.

Ocote
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