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Technology Stocks : Micron Only Forum
MU 284.79-0.7%Dec 26 9:30 AM EST
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To: Chas who wrote (31908)4/8/1998 10:31:00 PM
From: Wayners  Read Replies (2) of 53903
 
I take a really short term approach to T/A because I don't like it when prices move against me for more than a day. Therefore I use a 5 day stochastic and I pay attention to the direction of the 12 day moving average on price to make sure I always trade in the direction of the 12 day average. I got a sell short signal on 6 Apr and its not really close to giving me a buy to cover signal yet. The 3 day moving average of price also slipped below the 12 day moving average and is pointed down. No sign of bottom quite yet. But where is that bottom as measured by support levels. Using bollinger bands (12 day with 2 std dev.) the lower band is at $26.9 and is slipping lower each day as the downward volatility increases. It will be at a bottom when that volatility peaks and the width between the bollinger bands isn't getting any wider. Its simply not there yet. Using channel methods, the bottom of the channel is in the $26 to $27 range, but price could slip along the lower end of the channel for a few days before getting a rally. I'm really looking at the 5 day stochastics to tell me what the real bottom line support level is going to be and I can't tell yet. I only know the range. I believe that a break below $27.50 goes to $25.
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