SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Chart Formations
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: belker who wrote (97)10/26/1998 11:06:00 PM
From: sean sanders  Read Replies (1) of 967
 
To All,

This was pointed out to me and I thought I'd make a few comments on it and of course invite more comments with that :)
I don't have time to throw up a chart, but if you put one up that should work just as good.

GSTRF - I have a couple comments ... *this is using the most recent data btw* monday's included -

It looks like we have a double bottom, but the second bottom is slightly lower then the first (I'm a little more wary of this, I like to see them even or the second one a little higher). Now the tricky part.

I see 2 scenarios

1. If you draw a horizontal line from the top of 9/23 I see a support area there. If it falls below that I'd look for it to go down to at least ~9.

2. The second scenario is draw a horizontal trend line from the top of yesterday. See the big black candle on 8/31 (or a down day persay if your not into candels) ... This horizontal line bisects the middle of that day (Nison's book beyond candlesticks talked about strong resistance/support lines with large candle days like that and he stated the line usually was in the middle or at the ends).

- also note that you could draw trendlines extending down (from 5/4 and 7/16 dates) ~120 degrees down that is. I mean you could draw multiple ones seeing how all the peaks dont necessarily line up. Seeing this we may have some resistance from that also.

Let's say I was going to play this one tomorrow. This is what I'd look for:

An open that doesn't fall below 14 if it rises nicely I'd buy in and either put a sell stop at ~13 or check it manually thoughout the day and decide from there. But if it closed beneath say 13.75 I'd most definately sell and look for another stock :)
BUT if I bought now it may bounce nicely off yesterday's low and go higher.

let me know what you think

Sean Sanders
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News