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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: ajtj99 who wrote (19986)	7/8/2001 12:02:02 AM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

aj, we had a very mild bounce from that Dec. 20th low (to $61 or so if memory serves) and breach of the Bollinger lower band, and, ultimately, went much lower to the 52 area on that now famous January third. A breach down (or up) of the Bollinger bands only provide for minor reversals, not necessarily trend changes, actually such breaches have a tendency to broaden the Bollinger bands making future declines (or advances) more likely. A good sell signal (or buy signal) is often a breach of the Bollinger bands, you wait few days (rarely more than three) and the trend that created the breach often resumes. I doubt we will be down every single day this week, but I fear that any ascent will be now blocked by 2050, and we might even have difficulties, short term, getting over this line of 2020 we set this Friday as an overhead resistance. Zeev