STOCKS WITH ATTITUDE TEAM - FA/TA AND EVERYTHING ELSE Message Board

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Strategies & Market Trends : STOCKS WITH ATTITUDE TEAM - FA/TA AND EVERYTHING ELSE

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To: Sergio H who wrote (1161)	1/3/1998 10:27:00 PM
From: Christopher	Read Replies (1) of 2377

Sergio, SRSL could be entangled in H & S (heads and shoulders) From 9-9 to 10-27 there is a possibility of three left shoulders and also possibly three heads as you look at the chart. You can look at this many ways and see only one head and left shoulder if you want. The right shoulders start from 12/1 to 1/2.I beleive the second right shoulder is under construction right now with the top being created and soon the right side of this shoulder. A previous H & S was created from 3/3 to 7/9. MACD indicator has a lower top and is going down indicating that bulls are losing power to bears. The 89,3,5 stochastic just turn direction and is heading down now. Many momentum indicators supported the idea that a right shoulder could be under contruction right now. This is not a good time to buy this stock in my opinion. You will be taking a chance. TA is about risk/reward. Why risk it and possibly walk into a H & S pattern. Volume has also been receding. TA is questionable at this time in my opinion unless Doug R. sees something that I don't see right here. ATPX data are only significant starting with last November. Before that it was a straight horizontal line that would do nothing for TA. It has developped a reverse H & S pattern. Most momentum indicator have not given a buy signal yet. MACD has formed two double bottoms with the second bottom really lower indicating that bears have lost power and bulls are ready to take over and push the stock price up. Short term stochastic is at 50 and heading up. Stochastic 89,3,5 is at 72 and just curving upward again. Long term stochastic started going down from 78 reading and is starting to to curve up very little and could go back up which would be a very good sign or change and go back down but I don't think it will. I would not buy this stock before the stock price penetrates the neck line and that would be when the stock is little over $14.00. Heavy volume is a requirement for a reverse H & S to succeed. In conclusion, the MACD and stochastic support the price will be going up but the price must penetrate the neck before a buy signal is confirmed. The price must confirm TA in my opinion. I would watch the stock early next week to se how it is doing. I don't know if it will surge up because of the buy recommendation(depends how recent it is and wheither the stock price already reflects it). This is my two cents on these stocks. Anyone is welcome to comments on my TA. Doug R. if you see something wrong in here or would like to add please feel free to do so. I value your opinion as much as any one else on this thread and can learn from what you have to say. I know I have learned from what you all guys have had to say on your threads and that won't come to an end any time soon.

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