To: Saulamanca who wrote (62792 ) 11/19/2000 9:12:23 AM From: HairBall Read Replies (2) | Respond to Jim Bryan: NTAP & QCOM charts...My End of Day Chart – NTAP (Network Appliance) Daily Semi-log Chart ON 11/20 I was asked by a NTAP thread regular to post my take on NTAP. I don’t usually post my take on stocks on stock threads, as there are always a few cult followers that want to insult you, unless of course you are saying the stock is going up. I must admit the NTAP thread pleasantly surprised me as I only received one negative post. My read was NTAP was near at least a short-term term if not a medium term top. It topped two days later. The price rallied in Oct to test the September high producing a slightly higher high before resuming the downtrend. Once the support line of the rising trading channel was reached the price consolidated in a bearish price action pattern before breaking below the support line and accelerating to the downside. NTAP closed just above its Oct 98 Rising Support Line on Friday. This is a critical juncture for the stock price. My "end of day" technicals suggest the price should start to see support come in at current price levels, with maybe a little follow through to the downside. Observation of the price action next week should reveal if it is a bearish consolidation or a reversal in the making. A clear break of the Oct 98 Rising Support Line Monday will negate my expectation. Note: My Osc Sht/Med Term has not given a buy signal, yet. marketdirectionanalysis.homestead.com My End of Day Chart – QCOM (Qualcomm ) Daily Semi-log Chart As I stated above, stock threads can be cult like and the QCOM Buying Range Thread is a prime example. If you post what the cult members want to here you’re a hero, if you post something they do not want to read you’re a fraud. Not all who post on that thread are cult like, many are nice folks, but the cult element is there. QCOM bottomed two days after I posted it was very close to a bottom back in July. It began trading in a consolidation triangle and eventually broke out. After a few weeks of consolidation the price fell back to test the lower support line of that triangle before resuming the breakout. The recent rally is running into technical resistance: 200 day SMA, an overbought stochastic and the Jan 00 Falling Resistance line coming into play. I would look for a short-term pullback to begin early next week if not Monday. A move above (not just a breach) of the Jan 00 Falling Resistance Line would negate my expectation. Note: My Osc Sht/Med Term has not given a sell signal, yet. marketdirectionanalysis.homestead.com How to Interpret My Charts marketdirectionanalysis.homestead.com Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.
