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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: bobby is sleepless in seattle who wrote (1198)	1/8/2001 12:06:06 AM
From: Susan G	Read Replies (1) \| Respond to of 5732

Message 15138196 So much for a republican administration being good for the pharmaceutical sector.

To: bobby is sleepless in seattle who wrote (1198)	1/8/2001 12:07:45 AM
From: Ally	Read Replies (2) \| Respond to of 5732

Hi Bobby, Thanks for the explanation. Had a good look at Jenna's chart, and interesting to see how she drew the 4 lines. I can see the rationale for the $57 and the $45 1/2 lines, but less so the rationale for the $52 and $47 13/16 line, other than they probably represent the top and bottom body of the black candlestick just before the Wednesday's long white day (Fed's rate cut). Yes, I can see why $57 is the "pivot". Interestingly, it is also where the 2 double bottoms in November are, and close to the 20ema line. It'll be interesting to see whether there'll be a failed test should $57 be reached after the lurking buy stops are filled at this price. Unfortunately at this time I don't have charting capabilities that allow exact readings of prices like Jenna's. However, based on Vic123, the top is say, $71, and the bottom is, say $45, that is, 26 points. At $57, it is up 12 points, or 12/26 = 46% Fibonacci retracement. Wouldn't this make $57 pivot a high risk trade? I guess it is OK for daytrading, but for swing trades maybe it better to wait for a stronger confirmation?