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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: vish ramamurthy who wrote (25869)	4/30/1999 5:29:00 AM
From: IQBAL LATIF	Respond to of 50167

Steve Bebblebrox and Vish-- I will like to tacklePM's here as these have general intereste... On supports like a index which has a very short history like DOT, I look for resistance and supports, 650 is very definable like 550 but 625 is a slight congestion, when they run few stops this small congestion becoms a bouncing point, yesterday one important thing to be noticed was that there was no momentum in selling of internets, like we had last week, it was drying and this is the first sign of recovery, like EBAY was up mostly even when we tested 626 EBAY was down to 183 only, the bounce off 626 was basically veryt swift as it was a overrun from a major support like 650, it was a reality check to see if any weak hands will amke an exodus. If you look at PHLX chart you will see that 625 point with a slight congestion I picked that point based on some 3 hours resitance it offred on the way down, I do not have that Yahoo chart but like todays 650 resistance 625 held on very well on DOTs way down these very minor supports become major reversal points... On 1342 I think that is a point where you could see on daily chart a lot of resistance, goi9ng back quite a while, I really don't short breaks of 1355 and 1350 on a single day basis only intraday as the pits have this tendency to over run supports searching stops, they do it all the time, a 5 to 6 point over run and if it back up from support within forty five minutes is an indication that support is holding, it is always the second test that is more critical, the first bounce and hte second test confirms that psth of least resitance is up and not down..