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Strategies & Market Trends : LastShadow's Position Trading
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To: LastShadow who wrote (753)9/30/1998 8:20:00 AM
From: Dave Shares  Read Replies (3) of 43080
 
Trend Lines - MIKL

In trying to understand this subject, I'd like to ask a few questions about MIKL. Please take your time in answering, I am in no hurry.

I connected the highs on 6/17 and 8/17 to identify a downtrend line.
I connected the lows on 8/3 and 9/24 to identify a support line, I hesitate to call this an uptrend line, because it would appear that MIKL is still in a downtrend.

The reason I would say that MIKL is still in a downtrend, is that it has not closed above 25.25 which looks to be where the downtrend line extends as of yesterday's close.

So, I am left to wonder about the following:

1) If MIKL closes above 25.25, would a buy be indicated because it has crossed above the downtrend line ?

2) Can I broadly interpret the trend lines as forming a trading channel between 22 and 25, and when the stock next dips down towards 22 and if it bounces, play it for a trade within the channel with a stop being placed at around 21 1/2 - 21 3/4

Thanks for helping me to understand this subject.

David
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