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

To: Rattle_Shot who wrote (4942)	7/27/2005 10:11:58 PM
From: Rattle_Shot	Read Replies (1) \| Respond to of 13449

stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah12,26,9!Lc20]&pref=G Is this a candidate for a 3-5 bar drop to support, or is 2 months not enough of a uptrend? Thanks Rick

To: Rattle_Shot who wrote (4942)	7/28/2005 12:42:03 AM
From: chowder	Read Replies (1) \| Respond to of 13449

Rick, you have a text book break out with RRI. I wouldn't pay attention to MACD, all it is doing is confirming the sideways trend price was engaged in. What is important here is the price action. RRI saw a high volume, wide range bar with hardly any tails or shadows on either end of the candle. This is a very strong candle. It means RRI didn't give an inch to the downside, headed higher all day and closed near the high of the day. Today's bar is known as a range expansion bar. The trading range was relatively double the size of the preceding bars over the last couple of weeks. This is all you need to know about today's action. It was a nice break out. The other indicators are merely filters and if those filters are favorable, it's gravy. A high volume, wide range bar has priority over any other indicator. This price action came at the right time in relation to the other indicators. Daily chart: stockcharts.com[h,a]daclyiay[d20050427,20050727][pb50!b20!f][vc60][iut!Lah12,26,9!Lc20]&pref=G I should caution that even though you have a nice break out on the short term chart, you have long term resistance up around $13.50 on the weekly chart. Weekly chart: stockcharts.com[h,a]waclyiay[d20040427,20050727][pb50!b20!f][vc60][iut!Lah12,26,9!Lc20]&pref=G I think RRI is stronger this time than the last time it visited this price range. The chart is suggesting we may stall between $13.50 and $14 but, I think price will eventually break out above that price too. dabum