How To Write Covered Calls - An Ongoing Real Case Study! Message Board

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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: hpeace who wrote (1037)	3/15/1997 3:28:00 AM
From: Robert Graham	of 14162

OK Steve. Now I will contribute in an area that I have become familliar with: TA. It looks like from the chart the the stock is about ready to top out. I think it can go at least up to 30 before coming back down. But when it comes down, I think it will hit at least about 25.5 and possibly even to about 22. So I can see that this downside potential will be in your favour. During its climb, volume has not been increasing unlike previous uptrends. RSI is at the 70 mark and slope is flattening out. It may stay there a while longer because of the current strong uptrend. Still, OBV is rising out of sight. Also, the stock beyond its historic high will have no predefined resistance levels. So the stock definitely has some upward mobility left. The 200 day MA looks like a good support for the stock and a good MA for the stocks long term trend and is upward sloping. The 65 day MA appears to be a good MA to use for the stock's intermediate cycles and has been upward sloping and above the 200 day MA. The 35 day MA appears to be a good MA for the short term cycles of the stock. This also has been upward sloping but is below the 65 day MA. This will limit the stocks ability to continue its uptrend at least for the near term. Herman, you certainly picked a winner with this stock! The weekly chart shows an upward spike forming. Once completed, there will be a substantial falloff of the stock's price which may end up in a longer term downtrend for the stock. But before this happens, I think there will be at least one more upcycle of the stock to above 30. Boy, I can see from the chart that this stock attracts alot of speculator action along with longer term investors..

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