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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Dave Shares who wrote (754)	9/30/1998 8:37:00 AM
From: Susan Saline	Respond to of 43080

To: Dave Shares who wrote (754)	9/30/1998 8:39:00 AM
From: Susan Saline	Read Replies (1) \| Respond to of 43080

MIKL MIKL is in a long term up trend on the monthly chart, currently in a short term correction/dip as are 95% of all stocks support at 22 on the daily chart this appears to be a chart worth a buy/hold at/about 22.50 if it dips again. If no dip, a buy stop at 25.50 jmho ps... I thought your read on it was very good sue

To: Dave Shares who wrote (754)	9/30/1998 9:57:00 AM
From: LastShadow	Respond to of 43080

Well, that is almost right (MIKL), except that you missed a reversal. The initial downtrend runs from 6/17 to 7/17 and then a new steeper downtrend channel is formed between 7/17 and 8/1. At that point, there is a reversal from 8/1 to about 8/16, when it again reverses to a downtrend from 8/16 through yesterday. As for the lower entry, yes, about 21.5 or so is today's present lower boundary. however, the thing you have to remember is that while the stock is in that channel, it could continue on down until 21.5 (or lower) would be the upper band and it still be in the channel. My general recommendation, especially for learning trendlines, is to play them on uptrends to find the lowest entry you can get rather than playing them on a downtrend, for the reason I just gave. As an afterthought, though, it has run up nicely for the last 3-4 days, and it breaks 25 will be above the trendline and in a possible reversal - although I would recommend a short term play. lastshadow