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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Doug R who wrote (11673)2/1/1998 9:59:00 AM
From: Doug R  Read Replies (3) of 79325
 
Ok, on to AK,

AK is a cup with handle that could continue the handle for quite a while longer. Long-term technical strength suggests that an attempt is probable in the next couple weeks. Breakouts of this formation require significant increase in volume. The handle is working through a symmetrical triangle with an apex that is months away. A weekly check on it is all this one needs right now. O'Neill suggests buying only upon breakout which would be near 20.

AKRN is near the top of a long-term trading channel. A breakout above 4 1/2 on heavy volume would likely be good for about 3 points rather quickly. It isn't showing any technical weakness now but a failure to break out would probably lead to a fall back under 2. Watch for maintained strength in the 13, 8, 8 stochastics.

AMZN is a big ol' ascending triangle that's winding up into a great spring getting ready to go. When it does go, it will be hard to miss.

AQUX is still retesting the attempted cup with handle breakout. It's baseing at the breakout level and success of the retest would be seen in continuation and heavy volume. GTAX is a good example of a successful retest of a cup with handle breakout. Not all retests succeed so an eye should be kept on AQUX's volume on any move up. The 34 day Bollinger Band activity is very interesting on this one. It has room to go but is warning of further consolidation. If it swings back up over 8 again, watch it daily.

Back later,
Doug R





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