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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: profile_14 who wrote (2605)	3/5/2005 6:14:44 PM
From: chowder	Read Replies (1) \| Respond to of 13449

>>> Dabum, is there negative price/volume divergence for the OIH on the daily chart? <<< No, I wouldn't call the volume a negative divergence. Although we saw a couple of high volume sell days, when you get a closer look at the chart, high volume sell days would be followed with lower volume buys days, but buy days outnumber the sell days. I do see a negative divergence in MACD and money flows though. With price breaking out to a new high you'd like to see MACD confirming a new high and money flows as well. stockcharts.com[h,a]daclyiay[d20041205,20050305][pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G >>> What do those hanging men mean on the weekly, if anything? <<< They mean the OIH is setting up for a correction which needs some confirmation, in my opinion. The weekly chart is showing MACD at new highs and money flows as well. This is why I stated last week over in the Boom Boom Room that I thought we were seeing a normal correction at the time and not a top. That's why I bought energy earlier in the week. stockcharts.com[h,a]waclyiay[d20040105,20050305][pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G dabum