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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: Vendit™ who wrote (4689)	2/6/2005 5:53:56 PM
From: Walkingshadow	Read Replies (2) \| Respond to of 8752

Another one for the potential short list: CLB stockcharts.com[w,a]daclyyay[dc][pi!b200][vc60][iLg!Lp14,3,3]&pref=G After forming a double-top in October, CLB began failing tests of support, and finally failed at the all-important 200 sma in early December. Volume at that time was moderately increased, but not strong. After finding support at 22, CLB tried to rally above the 200 sma, but was turned back before it could confirm, and traded down and again found support at 22. Then in late January, that support level was broken. Now CLB has rallied back up into resistance formed from a combination of the 200 sma, the descending 50 sma, the upper BB rail, a descending trendline, and the resistive volume region overhead. This should prove overwhelming resistance, and CLB should fail here. Also, note that a 50 sma/200 sma Bear Cross has just occurred: stockcharts.com[w,a]daclyyay[dc][pb50!b200][vc60][iLg!Lp14,3,3]&pref=G This makes it likely that CLB is dead money for a year or more. There are few shares held short; about 1 days' trading volume. So, the risk of a short squeeze is minimal. So far, there is minimal technical evidence of sell signals, but note the relative strength, which has been steadily dwindling over the past 2 or 3 months. 139.142.147.218 The descending trendline that CLB has rallied into is approximately similar to the upper rail of the regression channel dating back to the double-top: 139.142.147.218 The intraday chart suggests that CLB may rally early in the session on Monday. 139.142.147.22 But also, CLB has failed at the 200 min moving average using a 1 minute chart, and confirmed that failure: 139.142.147.22 I think CLB may rally at the open, but a short entry could be considered if CLB trades below $22.46. T