Bid.com International (BIDS) Message Board

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Microcap & Penny Stocks : Bid.com International (BIDS)

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To: NTT who wrote (21064)	4/15/1999 4:08:00 PM
From: Denise D	Read Replies (1) of 37507

NTT, As I've stated before, there are supports above it, but in looking at price action alone, past resistance becomes support (one of the main principles in identifying trends), so since our last wave met resistance at $17.60, it becomes a new support level. Had our little stock bounced off of that magic number today (Heaven forbid), it would still be in line with an uptrend. In creating this chart I did not use any oscillators or other indicators. I concentrated on the price action and left the rest as I'd mentioned them before in the last couple of days. Traders who use charts to make their entry points make the same lines as I drew. Those on the sidelines wanting to get in, or those wanting to add to their positions, would likely set an entry target at 50-66% retracement. Those watching for signals of possible trend reversals also make these lines. If the lower green line was crossed, it would be an early signal, as would penetration of past resistance / new support. I also wanted to point out the pennant that I saw. It is considered bullish and since there were questions on the flag theory mentioned earlier this week, I thought an illustration for the pennant would be in order. K? Denise.

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