Stock Attack -- A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: TradeOfTheDay who wrote (13252)	7/28/1998 1:38:00 AM
From: Robert Graham	Read Replies (2) of 42787

WCOM is looking like it has lost allot of its momentum but still has life left in it as indicated by today's afternoon price action and its close above its 13 day EMA. However, if this stock does not continue its move up tomorrow, it may not make it past its overhead resistance which is its high set 4 days ago. It has lost much of its momentum as measured by the MACD which is about to cross its signal line. I would expect a continued move up at this point in time. It has already bounced once and came across overhead resistance which it moved down away from to cross its 13 day MA which it still managed to close above. It has been making lower highs and lower lows in its cycles downward. Stochs indicator gave a solid sell signal so a move up to successfully challenge of its high is more unlikely at this point in time. WCOM has closed a gap it made 8 trading days ago but has closed above it. If WCOM makes it below that gap, the gap will prove to be good overhead resistance. Longer term weekly chart still is looking good. Looking at the intraday graph, I see where it put in a bottom at 53 1/8 which it retested. It is one of the stronger kinds of bottom that I am more comfortable with in not requiring it to be retested at a later time to validate the bottom, even though a revalidation of the bottom is always good. The price moved up strongly from there and closed right at its open. This is also a good sign. I would of preferred to have it close above its open, but we will take what we can get here. It is at an important intraday resistance which is a gap that it made on its open that it must break through and stay above tomorrow for further progress to be possible. This stock apparently has the recent pattern of gaining back most of its intraday losses before continuing down. But the volume validated moves up made by the stock and the bottom it formed is like an intraday double bottom. This together with the good price action that followed which included a over 2 point move in the afternoon indicates to me we can take this intraday move up more seriously than for example the previous days afternoon price recovery. 14M is a healthy volume too. So tomorrow should be revealing as to the near term for this stock. Bob Graham

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