Candlestick Charting--The unknown indicator Message Board

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Strategies & Market Trends : Candlestick Charting--The unknown indicator

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To: Jerry Olson who wrote (977)	12/16/1997 3:17:00 PM
From: MonsieurGonzo	Read Replies (2) of 1589

OJ; RE:" OEX..." ...heavy resistance 463-468; 90-minute candlesticks showed top today at OEX ~464, with little bursts to 465 options boundary. OTOH, support at ~460, so this is a volatile, trading range IMHO. Note proximity of this area to DJIA 8000 and NDX 1000, FWIW. If you're bearish - like Judy - note that today's high on the DJIA represented a pull-back to old UpTrend line. Base supports are at 450-454; below this, we have to consider it a failed, kinda head-N-shoulders formation with an intact DownTrend. GE is important to watch - it gapped up-open today, and might be indicative of an evening star candlestick in the making. This is the most heavily-weighted component of the OEX. The OEX opened today at 459.86 - if we close near there, it would be a bearish indication called a gravestone Doji. As of this writing post-time, it looks like a kind of shooting star or failed rally. If tomorrow's session is down, this bearish candlestick would be confirmed. I think DAL U and TWA are gonna go down, but nobody believes me (^_^) PS - Esteban is more bullish than me {grin} ask him, too! -Steve

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