The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Ocote who wrote (13307)	3/14/1998 10:00:00 PM
From: Magnatizer	Read Replies (2) of 79281

Ocote RE PURW Indicator wise I am looking for a break of 3 day RSI short term downtrend on volume. Also a breakout of downtrend in 89 day MFI. Setup key: I feel the trendlines are the key to PURW. It is currently in a tight flag (triangle) which is a good short term set up. Would need volume to break out. But what I find most interesting is the Long term trendline dating back to 5/23/97. It has been bounced off of (6/18/97) used as support (Mid Nov 97) broken (11/26/97) acted as resistance (2/26/98) broken (2/27/98) and used as support ever since with a couple good bounces off of it. One more good seperation from this trendline (on volume) will send PURW up solidly IMO. I wish it would have happened on Friday as I feel it has used it as support for longer than I am comfortable with. If/when it does leave on volume the other indicators will be sure to follow. I feel the reason it is resting and not leaving the long term trendline is simply too much too soon. In fact a nice basing period would probably be healthy for PURW but I hope it does not happen as I am in solely as a trader. The FA on the stock is impressive so I am not to worried if it does break the trendline and I become an instant investor as it would most likely fall to $8.00 range where I have a recent ACT formed. Have not looked at NAII yet. With Doug posting his gems I will probably put on backburner for a while. happy trades David

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