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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude
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To: TCTexas who wrote (21859)10/5/1998 1:51:00 PM
From: Magnatizer  Read Replies (1) of 79398
 
We are battling with the recent downtrend which was established with a connection of the highs on 6/26/98 to 9/16/98. It is such a steep slope that it is hard to imagine it being broken and used as resistance. Hoping for a bounce off of it and for R2K to overtake the downtrend in the 340 area this afternoon.

If it does not bounce I am at a loss for magnet supports because I don't have data far enough back to any that low. I suspect there would be one in the very low 300 (like 303 area) and one at 292 area. I would rather have some magnet trendlines in the area but have to do with what I have.

ht
david

EDIT there is a magnet related horizontal support line at 316.5 which will likely provide some support. I would not be a buyer off a bounce off of it unless the R2K climbed back above the trendline in the 340 area because it could be a weak bounce which provides a bull trap to the bears.
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