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Non-Tech : Invest / LTD
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To: The Ox who wrote (5879)12/7/1998 9:56:00 PM
From: Thean  Read Replies (1) of 14427
 
Drillers - the strong surge today across the board is "guaranteeing" that the high tomorrow will be a higher high than today. The real question is will tomorrow's low being lower than today's high. I looked at a lot of driller charts today and a lot of them are showing a crossover into the upper BB, which signals no end in sight until at least it reaches the upper BB. Further, they all show bullish looking candles. A gap up or a strong move up after open is all but certain and for short term trading one can set a higher price 5% higher than today's close and expect it to get executed with a good chance shortly after open. I see the following two likely scenarios based on my past two year experience with this group:

1. If the stock price pulls back and fill the gap and then it reverses back up, it will be a good bet an even higher intraday high will be achieved. It therefore makes sense to add/take up position immediately after the initial pullback holds.

2. It trades up and stays higher in a tight range all day, then it either stage a small dip or an upsurge 30 minutes before close. A dip does not mean the current rally will end, but it sure signal the initial technical rebound phase is about to run out of steam. A continuing upsurge late in the day would mean a momentum carryover to the next day and it would be a good bet to take up position for a low risk return overnight.

MLIN - tomorrow's resistence is 6 1/8, support is 5 3/4. Longer terms this is a breakout stock so I may hold until it breaks off from its upper BB surf. Doug R's other pick WSTL is also doing well today. Great picks.
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