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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: Warthog who wrote (12041)2/8/1998 2:33:00 PM
From: Doug R  Read Replies (2) of 79284
 
Collin,

The technicals on AS show the likelihood that another bump up against 5, if it occurs Mon, wouldn't get through. It's not ruled out though.
The chart shows a nice inverted head and shoulders with two shoulders on either side of the 1/12/97 head. The neckline is at 5.
The MACD is threatening to go bullish and the 5, 13 and 34 dMA's are bundled with the 34 dMA hinting at a turn up. It all really just boils down to a break above 5. If the volume starts off well as it ticks above 5, it's a signal for a quick 10 to 20%. The 89b day MA/MLR tends to indicate that any pullback from a move will be a large % retracement so upon a breakout above 5 it should be looked at as a "hit and run" trade opportunity. Volume over the last 8 trading days is promising. If the break above 5 is missed, another entry for 10% would be a break above 5 11/32. That's where a break above 5 will meet initial resistance. If that resistance proves too much, a break back below 5 would be a signal to exit and resume stalking.

AK is a cup with handle. The handle is working through a nice, well defined triangle. An initial breakout would be a move over the line from the high on 9/29/97 to the high on 1/2/98. An opportunity for acceleration of the handle's uptrend is coming during the 3rd week of Feb. Triangles don't always run to the apex so I'm keeping an eye on AK this week just in case.

Back in a bit,
Doug R
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