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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts
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To: accountclosed who wrote (1399)5/3/1999 9:05:00 PM
From: Ms. X  Read Replies (1) of 63513
 
Here you go.... AMZN in all its Piff glory.
I have here the 5pt chart. With internets, I look at but do not weigh
as much the 2pt chart when it comes to the internets. The 5pt shows
the larger support areas and evens out the volatility better.

When we talked today of AMZN holding support we were talking of the
155 area. Three times AMZN has traded down to the 150 box without
breaking it. Each time (today doesn't count yet) it bounced off the
support. It is important for us Piffers to see stocks hold support
such as this triple bottom at 155. A move to 150 would break the
support and would be a triple bottom break. This is a major break if
it occurs. The Bullish Support Line (BSL) lies right below the
current triple bottom at 145 (you see it marked with a *).
This is the long term bullish support. While a stock is trading above
that line we call the trend positive. If below, the trend is negative.
Notice the large base area from 155 to 190? This is what I have been
hoping to see in the internets. The charts have recently had long rows
of X's and then long rows of O's. It was hard to determine stop points
and entry points with such large swings. When stocks build bases, it
creates a platform of which, hopefully, to bounce off of. Last time
the internets did this, when they rebounded, they did very well.
I expect AMZN to bounce especially with the BSL so close to the triple
bottom. If AMZN breaks the 150 AND the BSL, that would be very negative,
the most negative (I think) in history, for AMZN.
Let's see tomorrow.

225
220 X
215 X O
210 X O
205 X O
200 -------------X O ---------
195 X X O
190 X O X X X O
185 X O X O X O X O
180 4 O X O X O X O X
175 X O X O X O X O X O -----
170 X O O X O X O X O
165 X O X O X O 5
160 X O X O X O
155 X O O O <--Triple bottom support
150 X ----------------? <--A move here would be a triple bottom break
145 X * and very negative.
140 X * <--Bullish support line.
135 X *
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