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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: HF who wrote (6446)	1/15/1998 1:30:00 AM
From: Douglas Webb	Read Replies (3) of 14162

Wow, ROST had a big day in December, huh? webbindustries.com Anyone looking for an entry point using the tlb chart would have seen their envelope broken on the top at about $33.50 that day. Buying in intraday would have been a good choice, with the close all the way up at $37. In any case, the current envelope is at $33-$37. The formation is the start of a 'white suit'; if you look at the chart you'll see the black shoe and white suit, all that's missing is the white head. If you see one, it'll confirm that Rost is in an uptrend. Looking at the candle chart it seems like Rost is recovering from that giant candle; after the big gain it fell back 50%, and now is retesting the resistance at the top of the candle. It very nearly broke the resistance, and the tlb envelope, today. A little more and the trend is confirmed. How far will it go? The tlb chart doesn't say, but the candle chart looks like it shows resistance at $38-$39 (the tall shadow at the end of december, the support level at the end of november, and the resistance level in early october.) After that there'll probably be some resistance at $40 (the peak in early novemeber, and a 50% point on the rises and falls during november.) Finally, there's obviously strong resistance at $42, the double high point in recent months. Doug.

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