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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: TATRADER who wrote (687)	1/14/1998 12:40:00 PM
From: WBendus	Read Replies (1) \| Respond to of 18691

Mark, I think an even clearer example of a head and shoulders pattern can be seen in INTC. There are two left shoulders formed in February and June, with peaks to 82 1/2 and 85 respectively. The head then fromed from July through the end of October. And, one right shoulder formed from November to Deceber. The neckline sits around 70 and it appears that today might be marking the top of a second right shoulder. Here is a 1 year chart. cbs.marketwatch.com The only concerns I have about this formation, is that there seems to be some support from the A/D index, Money Flow and MACD incators. On balance volume is not quite as strong and the Stochastics indicator came close to triggering an overbought reading and after today's action should show the Fast Line crossing back under the Slow Line. Still a nervous trade but for those that have the nerves, a short could be entered into today and I would place a tight stop at 88. Should the NASDAQ close under 1533, I think this trade could stand a chance. Unfortunately I committed to it yesterday and the day before, in hopes of a disappointing number from the company. Wayde.