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 (13300)	7/28/1998 9:53:00 PM
From: Robert Graham	Read Replies (2) of 42787

Looks like WCOM is continuing to break down which is now showing up on the daily charts in the form of a new sell indication. WCOM close below one of its two gaps that it made about two weeks ago. Stochs is still in sell mode and moving down. MACD just registered a sell signal today. The stock closed below its 20 day MA and at the bottom its trading range. It may find some support at 50. Actually I see WCOM a poor choice in this market. It tends to ride along with the swings in the market. For a stock to take a long position in, I would prefer one that has demonstrated price action very independant of the market like INTC. Otherwise this bear segment of the market will have the opportunity to pull you under with it. CMGI is breaking down to which is also showing up on the daily charts. MACD sell signal with Stochs having given its sell signal latter part of last week. This stock closed at the low of its trading range and is at support right now. If this support fails, another support is at 62 which is a good point at which to evaluate the technicals of this stock. The advantage this stock has right now is volume has been diminishing as the stock has been moving down. As it stands, this stock will not be going anywhere soon, and may continue down further. This stock is also below its 20 day MA. INTC needs to bounce at this point in order to continue its breakout. A failed breakout can help move the stock lower. This stock has bounced off of its upper BB which is not a sign of a strong breakout. Otherwise, the stock is still in good technical shape. I do see that the breakout was validate by volume. Bob Graham

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