Laker, >Looks like we're under the moving average again. Look out? In your opinion, where does this jive with the 38 pt ceiling that, I thought, was cracked? Thanks.<
The AMAT Bull Support line is at $33 now therefore taking $32 to break it. If AMAT performs like it did previously when it bounce off the support line when is was at $32 then this time we will have a rebound at approx. at $33. If AMAT breaks through $33 to $32 it will have formed a DW double bottom. Breaking through the double bottom at $32 to $31 could signal going lower, statistically speaking. Naturally, no one knows. I do not think it will go beyond $32 but will consider it a tremendous buying opportunity if it does. Remember, the DW AMAT low was at $26 earlier this year.
The $38 that you indicated above was the triple top formation which was broken when AMAT went to $39 1/2 before this recent reversal to $36 on the point and figure chart.
I will have the DW Bull Percentages (NYSE, OTC, 10week moving, and sector) tomorrow, Wednesday, around 12:00 EST.
Big Bucks, Jacob, Gottfried at what $ point or points are you going to jump back into AMAT?
Naturally, the above is only my opinion and the data which I have reviewed from the Dorsey Wright site. Readers are reminded the old saving, "caveat emptor (buyer/reader beware)."
Paul V>
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