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

To: Les H who wrote (56749)7/18/2000 10:28:04 PM
From: Smooth Drive  Respond to of 99985
 
It's been sometime since I updated the 1% Naz P&F chart Message 13833520. You can see that on 6/2 a revised Bearish Resistance Line was penetrated and that put this chart intermediate term bullish. (I followed the signal and made a few bucks -- anyone else do the same?) A portion of the current chart looks as follows: 
                                        
4273.20                                     X   +
4230.90                                     X +
4189.00                                     X
4148.50                                   + X
4106.40                                 +   X
4065.77                             X +     X
4025.52                             X O     X
3985.66                           + X O 7   X
3946.20 X                       +   X O X O X
3907.13 5 O                   +     X O X O X
3868.44 X O                 X   X   X O   O X
3830.14 X O               + X O X O X *   O
3792.22 X O X           +   X O X O X   *     +
3754.67 X O X O       +     X O   O X     * +
3717.50 X O X O     X       X *   O       + *
3680.69 X O X O   + X O     X   *       +     *
3644.25 X O X O +   X O     X     *   +
3608.17 X O   O X   X O     X       +
3572.44 X     O X O X O     X     +   *
3537.07       O X O X O     X   +       *
3502.05       O X O X O     6 +           *
3467.38       O X O   O     X               *
3433.05       O X     O   + X                 * +
3399.06       O       O +   X                 +
3365.40               O X   X               +
3332.08               O X O X             + 
3299.09               O X O X           +
3266.43               O X O X         +
3234.09               O X O X       +
3202.07               O X O X     +
3170.36               O X O     +
3138.97               O X     +
3107.90               O X   +
3077.12               O X +                
3046.66               O +                            
3016.49               +

The revised Bullish Support Line is in charge and it's way down at 3399. The first bullish price objective off the bottom was 4147. The current price objective is an incomplete 5318.

I would expect a pull back any time. But, the second Bullish Resistance Line off the bottom is not shown here and it's waiting up in the 48 - to 5000 area. I look for this chart to hit that area before fizzling out.

Take care,

Eric


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