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Strategies & Market Trends : Charts With An Attitude; Trading In & Out

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To: Dave H who wrote (4414)	12/23/1997 11:03:00 PM
From: James Strauss	Read Replies (2) of 4701

RECY... Solid Support At 6.25 Closing Basis Trendline... >>>I agree that for the long term RECY has what it takes. But I have to point out that in the short term RECY could be in for a significant drop. I know you disagree but I see RECY reaching as low as 4 1/2 - 5 1/2 before the possible correction is over.(that's my conservative estimate.)<<< *********************************************** Good analysis Dave: The Trendline at 6.25, on a closing basis, has resisted all dips during the current price decline... If that area is violated, on a closing basis, there is potential to revisit the 5.00 area... With year end tax selling almost over, and 4th Qtr Earnings release coming up fast, it is unlikely that we will revisit the 5.00 area... Jim

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