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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: bobby is sleepless in seattle who wrote (66256)	10/18/1999 11:41:00 AM
From: stan s.	Respond to of 90042

LU, hi Bobby. It had great peak and trough support in the lower 60's. When that area fell...major sell signals. Over the years my view of the major moving averages has changed a bit. I se them as weakness/strength indicators but no longer as support/res, per se. LU looks headed for a test of 55 1/4. Luckily it's already well oversold. It's still trending enough that if it holds there...a buy on a stochastic turn and buy signal (5,3,3 if you're really anxious) might work. Personally I'd wait for some strength...at a minimum a 5 day upward cross of the 10 day sma, or preferably a break of resistance or downtrend lines...but hell at that point you could be waiting for a move back to the low mid 60's again. Obviously the above is moot is 55 1/4 fails... Best of luck. Stan