Conseco Insurance (CNO) Message Board

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Non-Tech : Conseco Insurance (CNO)

CNO 41.24

+0.2%

Dec 12 9:30 AM EST

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To: JM who wrote (578)	1/20/1998 6:49:00 PM
From: Adam McDowell	Read Replies (2) of 4155

JM: When support levels are broken, they become resistance levels on the next wave up. Likewise, when resistance levels are taken out, they become immediate support levels with volume confirmation. In CNC's case, it now has resistance at 42 1/2 -43 area that it must take out. The resistance is defined by the old tops from FEB 97, May 97, and July/AUG 97. There are always false moves in technical analysis, but a descending triangle is a pretty accurate formation. If things continue to break down, (I have to admit I was suprised by the strength of CNC today)38 support will be tested and then 35, representing old tops and bottoms in the previous year. Regards, Adam

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