Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: John T. who wrote (26193)	7/28/2000 3:42:09 PM
From: Paul Shread	Read Replies (1) \| Respond to of 42787

I don't see how the selling can end between two critical support levels (3700 and 3600). You've got to go to 3585-3620 at this point, IMHO.

To: John T. who wrote (26193)	7/28/2000 4:57:08 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

I find that double bottoms can hold up for a short term bottom. This depends on how they are formed, and what time frame they form in respective to how the market is trading. And an important element is to see how the market responds to them. In more congested trading markets, the most that can be expected is a double bottom to be put in with price at its "top" as its price target and nothing more. In markets that take on a direction with respect to that time frame, a move to the same width of the bottom added to the "top" of the bottom as a price projection is much more likely to be hit at a price target in such a market. So if price continues up from here, price targets based on this information would be 1442.50 and 1454.50. There is a small bottom that has its "top" at 1438.75 with a coincidental projection at 1454, near that 1454.50 I have mentioned. I see a potential "tower" like bottom in the works on the 45-min that has not set up yet. This type of bottom usually resolves in a strong move. And the 45-min is trading well, meaning what I am seeing on this chart can be relevant. This can mean a quick move down for a touch of previous support, like at about 1430.25, followed by a good move up. The 15-min chart, which I can obtain clues from, shows a test of bottom and then a retest where price fell through support. This has formed a type of flag pattern that can resolve upwards. So I would not be surprised if the market moved up from here for at least a bounce, possibly after an initial move down. But we shall see Monday how this develops. I think there are price points that bear watching. The 20 EMA 15, the 20 EMA 45, and the "top" of the tower bottom formation at 1442.50. Currently, the 20 EMA 15 is at about 1436.75 and the 20 EMA 45 is at about 1452.50. The first test of any significant will come on the test of the 20 EMA 5 which is at 1432.50, and the test of the 20 EMA 7 at 1433.25, about where price is right now. This area is what I think price needs to move past before anything else is possible. And the target of the bull style of flag is 1442.50 which coincides to the top of the current bottom formation. Once price moves past this point, only then will I begin to take seriously the prospects of a bottom. Just some thoughts. Bob Graham PS: I just noticed about at 1434.50 is where an apx of a triangle on the 5-min chart shows up. Based on price action following that apex, I suspect it will prove to provide some resistance. This is near the 20 EMA 15 mentioned earlier. So there are a series of potential resistances up to the 20 EMA 15 currently at about 1436.75, which I think can prove to be the more significant resistance.