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

To: JHR who wrote (2711)	3/10/2005 9:06:04 PM
From: chowder	Respond to of 13449

JHR, ELY is still in an uptrend if one looks at the weekly chart for a long term view. The momentum bands are rising and the price is above those momentum bands. If one is already in this stock, they can capture the upside momentum by staying with the trade as long as the bands continue to rise and the price stays above the lower band. If those bands level off or start to drop, and the price drops below the lower band, then that would be a signal to take the money and run. Money flows looks excellent. MACD is showing that the upward trend is slowing down. stockcharts.com[h,a]waclyiay[d20030910,20050310][pd10,1!f][vc60][iut!Lah10,30,5!Lc20]&pref=G ELY has about another 80 cents of upside where it may run into resistance. You've got the 200 week moving average which appears in a zone of price congestion. You may see some additional supply coming to market in that price range which may put downward pressure on pricing unless there's enough demand to offset those waiting to sell. That steep sell off last summer caught a lot of people by surprise and they have been waiting for the price to come back so they can sell and get out even or close to it. This one has been a nice steady climber. Slow and easy. stockcharts.com[h,a]waclyiay[d20030910,20050310][pb200!i!f][vc60][iut!Lb14!Lg]&pref=G The short term chart is showing me where the trend is tiring. I'm seeing a lot of Doji and spinning tops lately, which means the bulls and bears are pulling and pushing each other with a lot of days coming to a near tie. The bulls have a slight advantage. Unless some news comes out to negatively effect the stock, I think the slow and easy uptrend will continue until we see the price hit the congestion zone I mentioned on the weekly chart. stockcharts.com[h,a]daclyiay[d20041210,20050310][pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G If you are in, I'd use a trailing stop. If looking to get in, I prefer an entry off a support level or breaking out to a new high on strong volume. Your risk tolerance should determine your strategy. dabum