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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: donald sew who wrote (11780)	4/22/1999 10:09:00 AM
From: KY	Read Replies (2) \| Respond to of 99985

Looking for some help on analyzing a particular chart pattern I have been seeing over and over again with net stocks. I believe it may be a "pennant" formation. If you look at AOL, CMGI, and YHOO for instance, you can see that the moving from left to right, each stock has been making lower lows and at the same time, support at the bottom of the pennant remains parallel to the x asis. Question is, is this a bullish or bearish pattern. I saw this pattern emerge just before the last net breakout...as the lower lows converged closer to the support, the stock finally broke out. I'm wondering if history is going to repeat itself here. If so, we will most likely make another trip down, or two, the pennant formation will converge and then we will break out big time in a few weeks. Anyone else seeing this? Please help with me with my TA here. Thanks. KY