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Strategies & Market Trends : The Rational Analyst
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To: ftth who wrote (373)2/25/1998 11:05:00 PM
From: ftth  Read Replies (1) of 1720
 
[COGIF] I just looked at the 30-minute intra-day of COGIF, and I'm not liking what I see. It looked pretty toppy in the last few hours of trading today, with a strong exhaustion-like thrust to the intraday top (using the 30 minute chart), followed by a relatively strong selloff into the close. If demand comes in at the open (i.e. gap up), and we are up after the first hour, we're probably O.K. But if supply dominates at the open, the pattern will probably fail here and retrace to the flag. All depends on how many institutional (big) buyers view the pullback at the close as an opportunity to hop aboard what they thought had gotten away. There were lots of big blocks this morning, so these folks will hopefully add to their positions at roughly the same cost. Today's supply coming in toward the close was more likely from purchases in the first leg up. Another 250-300k volume day, and these should be shaken out. If we can hold above today's midpoint, and get that kind of volume, there's still hope for completion of the pattern.

dh
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