Hi Ray,
No excuses necessary. Questions are the only way to learn!
Buy signals are bullish especially triple tops. The column of O's that came after that break are what we call a pullback. If you look at P&F charts all stocks make pullbacks, none go just strait up (with the exception of some internet stocks - but even then - at some point - there is a pullback).
80 broke near term support. Support is where O's bottomed before. In Intel's case, it had made a series of higher bottoms (O's - meaning each time the O pulled back it didn't come down as far as the O column before) and higher tops (X's - meaning that it was making consistent higher columns of X's and buy signals). So, if Intel in this current column of O's, moves to 80, it breaks all those support levels and that is not good. Breaking support is not good. Breaking tops is good.
Bullish signs:
Higher bottoms, Higher tops, above Bullish support line, consistent buy signals, breaking bearish resistance line, RS in X's.
Bearish signs:
Lower tops, Lower bottoms, below bearish resistance line, consistent sell signals, breaking bullish support line, RS in O's.
Hope this helped. If not please let me know,
jan I am |
