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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Michael L. who wrote (18004)	6/3/1998 2:22:00 AM
From: Doug R	Respond to of 79273

Michael, I'm using an intermediate term perspective on ORCL at this point. Draw a line from the alltime high on 8/20/97 across the high on 11/5/97. That time frame pretty much brackets the downtrend due to Asian exposure. Then, draw the uptrend from the lows on 1/12/98 and 1/27/98. That line has "gotten away" from ORCL as a long's optimistic hope. Lastly, draw the neck line. I think you have it right. I assume you're using the lows on 3/3/98 and 5/5/98. Once you have those 3 lines drawn on the chart, you will notice that on 5/5/98 the first two lines described above intersected. ORCL's price was below that intersection. Now ORCL's price is below ALL those lines. The first and third lines above intersected on 5/26. ORCL was below that intersection as well. On the basis of an intermediate term trend line analysis, ORCL is in deep doodoo. One other interesting line is from the high on 12/3/96 across the low on 10/28/97. I think the implications of that line are obvious. Doug R