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Strategies & Market Trends : SHorting Stocks: Education/strategies/techniques
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To: Early Bird who wrote ()3/9/1997 10:15:00 AM
From: Early Bird   of 99
 
PROJECTING A TARGET:
When a stock is in a trading range, and one can identify the support level, take the supporting price and subtract it from the highest price it attains before breaking below the supporting price.
Now take THAT number, subtract it from the support number, and let THAT be your projected target.
For example, "ABC" stock is showing support at 50. The stock rises to 70 before dropping sharply. The difference is 20 points. Subtract the 20 from 50...and ...VOILA ! You now have your projected target of
30 (20 points below the former support of 50).
and REMEMBER, NEVER go short without first placing a protective Buy Stop that is not too far from the ideal short selling price on a "good till cancelled" basis.
Mike
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