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Technology Stocks : INTEL TRADER
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To: smolejv@gmx.net who wrote (5283)1/28/1999 12:32:00 PM
From: MonsieurGonzo  Read Replies (1) of 11051
 
DJ; RE:" CSCO "

>...is there a triangular formation on CSCO forming since say two three weeks ?

...yes; the apparent resistance area is centered on ~106-3/4, very close support is at ~98-1/2. Momentum has been essentially flat since the beginning of the year. Near Support is ~93.5 and Far Support is ~85 on my chart. Near Target area is 110.75~115 and Far Target area is 124~128.

>are there ascend artifacts etc disfiguring the message ?

...yes; it looks like earnings churnings to me - but you are a better judge of the fog than I.

Let's look up Ascending Triangles in the T/A bible, "Technical Analysis of Stock Trends", Edwards & Magee, 7th ed., page 125-

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The Ascending... are Bullish manifestations... give advance notice of their intentions. The supposition always is that prices will ascend out of the Ascending form... If the top line is horizontal and the bottom line slopes up to meet it somewhere out to the right of the chart (at the apex) the Triangle is of the Ascending persuasion.

These formations are perfectly logical and easy to explain. The Ascending Triangle... pictures in the simplest and most normal form, "what happens" when a growing demand for a certain stock meets a large block of shares at a fixed price. If the demand continues, the supply being distributed at that price will eventually be entirely absorbed by the new owners looking for still higher levels, and prices will then advance rapidly.

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...so, the book says: "distribution".

-Steve
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