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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (51631)	9/5/1998 11:02:00 PM
From: donald sew	Read Replies (2) \| Respond to of 58727

LG, >>>>>>>> However, look at the intra day actual 60-minute chart. Note the highs downward trend line. Friday's close came right up to that trend line. (7640) I think this is the resistance point to watch on Tuesday. A break (more than just a violation) of this trend line would be significant! In other words the market needs to go down at the open to keep the trend line valid. A break to the upside, may portend a pivot point. <<<<<<<<<<<<<<< Interesting point, about the 7640 trendline. Its a tough question, will the break of the 7640 trendline be enough to break the integrity of the bearish pennant at 7740-7760. For discussion sake, connect the intraday highs of 8/27 and 8/31(60 min chart), and you will notice that such trendline was broken on 9/1. Once that downward trend line was broken, that specific upswing only lasted another 6 hours of trading, before that specific uptrend trend line was broken to the downside. I do have to say that those 6 hours of trading did take the DOW up another 200 points or so. I guess what I am saying is that breaking a 60 minute trendline could be only short-lived or could be the beginning of something bigger, but I am comfortable in saying that a break of a 60 min-trendline needs to be confirmed. I would feel that a break of the BEARISH PENNANT upper vector at 7740-7760 could confirm the break of the 60-min trendline at 7640. Seeya