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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (9713)	10/26/2002 7:43:31 PM
From: Jorj X Mckie	Respond to of 57110

I'll give a couple of different angles on IBM P&F - Three double top breaks and it broke through the Bearish Resistance Line (BRL). All of this would be considered relatively bullish. However, it pretty much went up in a straight line. And the last time that it broke through the BRL, that pretty much marked the top. Upside limited at this point, but nothing on the P&F chart says sell. stockcharts.com On the conventional chart, I'll assume that you can see the same things that I can. stockcharts.com[r,a]dhcaynay[dd][pb50!b200][iUb14!La12,26,9!Lp14,3,3]&pref=G If you are a bull, you could view the action this past week as a bull flag. Then again, the August high could have been a bull flag too. To me, it looks like a sharply rounding top. I would expect real selling in IBM to fill the gaps. However, looking at the RSI, I would say that new lows are likely not in the cards and that the gap fill to 58 will be the target. This, of course would be negated if IBM had some bad news that was dug up by someone....