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Strategies & Market Trends : Three Amigos Stock Thread

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To: Sergio H who wrote (1734)	3/15/1998 11:01:00 AM
From: Magnatizer	Read Replies (2) of 29382

PETM Looks a little premature to call it a BO. Need for it to retract or base so it can confirm by setting a higher low then previous. Right now stock is above its 55 day Bollinger band and has used it as SUPPORT. this is telling me the stock is due for a dip. I have asked those of more experience on the 56 thread for a read as I have not seen such a blow out of long term BB before. Another indicator which suggested a basing period is due was the long term SMI. It is at the bottom of its range trending up. Usually the stock will trade flat until the SMI reaches the top of its range, where the stock accelerates. There was a strong buy signal registered for this stock on 3/2 when it gapped through overhead resistance. Would have made a great short term play. But again hind sight is 20/20 IMO The risk is much higher than the reward on PETM today. In a few weeks I may change my assesment as it is too early for me to verify a BO has occured happy trades David

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