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: shasta23 who wrote (17430)	5/22/1998 3:20:00 AM
From: Doug R	Read Replies (2) of 79478

Stefan, ABTE didn't break over the recent (very short term) downtrend line. Volume today was well above the daily avg. of the last 3 months and greater than each of the 3 previous days. Just as the "volume watch" list is only a list of stocks with short term bullish patterns in the charts, the list of shorts is a list of stocks with short term bearish patterns in the charts. Further TA must be done on any stock(s) from the list that might interest you. As for ABTE's chart, there's a possibility that it's building a head and shoulders with an uptrending neck line. Uptrending necklines are more easily played but you have to wait for the chart to approach breakdown and THEN begin daily TA's on it to ascertain the probability of a breakdown. This will allow you to get in early but increases your risk a little. Waiting for the breakdown to enter the position requires vigilance and reduces both profit potential as well as risk. At this point, I'd wait for ABTE to actually break down before shorting it. Doug R

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