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

To: Tapcon who wrote (7679)	2/2/2006 10:23:45 AM
From: chowder	Read Replies (1) \| Respond to of 13449

>>> Wouldn't you run into overhead resistance fairly quickly at the pivot point sitting just above 60? <<< Yup! That's why I'm out on 1/2 position just prior to that resistance level should it get there. The monthly chart is in an incredible uptrend. There is very little supply at that price level. We don't have a bunch of praying to god people who are trying to get out of a losing position. Resistance should be light. I could be wrong, but we have to look at overhead supply and determine who is going to sell at $60. We don't have people who bought at $60, watched it drop to $30 and are praying like hell to get out even. So, we'll see. dabum