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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (38148)	1/26/2000 5:27:00 PM
From: Lucretius	Respond to of 99985

i do. try 5 -g-

To: Jorj X Mckie who wrote (38148)	1/26/2000 6:50:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

JXM: QCOM's low today at 120 was exactly at a support/resistance horizontal price action area. Frankly I expected more support at the lower boundary of the gap up Dec 28-29th. I did not expect it to hold, but I expected more of a struggle in that area. However, that struggle came in after the bounce. QCOM had a major struggle above the lower boundary of the gap and below a rising support line off the Nov 17th low. From the price action after the bounce, a bearish triangle formed. It almost assured QCOM would fall back out of that trading range before the end of the day. Major volume occurred as QCOM dropped and found its low today at 120. Support roared in at that point evidenced by Level 2 and major volume. That support propelled QCOM back above the lower boundary of the gap. That price/volume action at 120 makes it a strong support area. My short-term intraday indicators were signaling support as the trading day closed. This is another positive short-term intraday. I suspect 120 will be tested before tomorrow is over. If it is tested and does not hold look for the horizontal price action support areas on my chart to come into play. Over time, if both fail I believe the lower band of the rising trading channel will hold. My QChart QCOM 60-Minute Semi-Log Chart marketdirectionanalysis.homestead.com My QChart QCOM 5-Minute Semi-Log Chart marketdirectionanalysis.homestead.com ------------------------------------------------- My QChart Trend Lines Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations. ------------------------------------------------- Hope this helps... Regards, LG