Oh, so you mean either the stock will go up, or it will go down. Now there is a great insight.
I can't figure which is more useless. Techncial analysis. Or the people who claim they "use" it.
And here's the followup you missed:
On the downside, the support levels at $20 and $18 should be fairly strong. If we break $18 we'll probably see $16 again, then $14.
Hmm...Support and resistance every $2. I think I've hit all the bases,
huh? No matter what, I can't be wrong!
I guess the moral is 'look for $2 movements before a reversal!'
I'm not at all an expert at TA, and I know it. I also understand that TA is hardly a crystal ball, and can only assign rough probabilities to possible price movements. So, while I don't know which way the price may move, I am fairly certain that it will jump in $2 increments. Since I posted this, we dropped about $2 yesterday to near $18, and today we're dropping again. I think we'll hit $16 before we see $18 or $20 again; I'd be pleasantly suprised if the current drop stalls before it gets near $16.
Doug. |
