JoeGrossinger
165 posts
msg #29702
- Ignore JoeGrossinger |
11/6/2003 3:04:17 PM
Good luck, my chart says ANCC is headed lower.
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EWZuber
1,373 posts
msg #29705
- Ignore EWZuber |
11/6/2003 5:35:11 PM
What an intense day. Seemed like everything was was in a massive battle between the Bulls and Bears with many issues testing resistance trendlines from recently formed consolidation patterns off of the new 52 week highs.
NASDAQ (.IXIC ) was no exception breaking out to a new 52 week high of its own on decent volume.
It feels like the market is about to burst at the seems and move higher.
SPIL... closed dead on a 3 day resistance trendline. Looks like this one wants to retest the recent high at $5.67 before long. Long term Monthly Chart Stochastics are acting very bullish. Sell volume is dropping.
ANCC...Right around 2:05 the volume started in and was, relatively speaking, massive. A One Month Resistance trendline was broken today at $0.95. Looks much higher from here with Weekly chart Stochastics just crossing over and the stock bouncing up off the 25 Week MA. Also Daily Chart stochastics are in phase with the Weekly chart, both rising in accumulation mode. This one looks very good, IMO.
BCON...Closed just above an old Resistance Trendline started at the high of 10/17. BCON has been moving up the 25 HR.MA for about the past 5 days and closed on this MA in an oversold condition on hourly charts with accumulation phase just beginning. This is just what I would like to see within this charts time frame. Daily charts look overbought with the fast line converging with the slow line. The stochastic value is barely in overbought territory. This could put a damper on this one. But from experience I have found that the stochastic fast line will turn higher quickly if the stock comes to life and resume accumulation when the stochastic value is still low like it is now. With the hourly charts rising in accumulation odds are in my favor that there will be higher prices than todays close. Looks like a cup pattern forming on the hourly chart.
jmho
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EWZuber
1,373 posts
msg #29724
- Ignore EWZuber |
11/7/2003 11:52:14 AM
Intraday
SPIL...Started the day out very good then sold off on low volume. Looks like an attempt to eliminate sellers at a lower price so the stock can move higher without resistance at higher prices.
SPIL broke a short term 3 day resistance trendline today and formed a new supporting trendline. It needs to close the session above about $5.52 to hold hold above the supporting trendline and maintain the new short term uptrend.
ANCC...On target as expected. After breaking trendline resistance yesterday the stock has performed well, gapping up about 5% this morning to the 50 DMA then rising another 10% at the intraday high. Volume is very good.
BCON...Don't like the action here. Sold it at a ( -2.5% )loss and added to my position in ANCC. BCON was risky from the start because of the overbought stochastics on the Daily chart but it was a very small position so no damage.
NVDA...A demonstration position because the chart looked compelling but I don't have the capitol to buy it. Gapped up huge today on good earnings news. Up about 20% today. This stock is a great daytraders stock, IMO.
Long term this one is going higher as the long term stochastic cycle has just begun the accumulation phase. JMHO
This one was first posted as a buy at $16.84 today @ $21.62.
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EWZuber
1,373 posts
msg #29730
- Ignore EWZuber |
11/7/2003 2:06:16 PM
Sold ANCC @ $1.09 as it broke short term TL support. Re-entered when new TL formed but it only lasted 10 minutes then broke trendline support right away. Bailed.
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TheRumpledOne
6,529 posts
msg #29739
- Ignore TheRumpledOne |
11/7/2003 10:07:35 PM
"JoeGrossinger 11/6/2003 3:04:17 PM
Good luck, my chart says ANCC is headed lower."
ANCC up 8% today...LMAO!!!
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EWZuber
1,373 posts
msg #29747
- Ignore EWZuber |
11/8/2003 5:13:37 PM
therumpledone
ANCC was my favorite of the lot. With stochastics and trendlines in synergistic agreement followed by excellent volume, I was certain as I could be that it was going much higher. Stochastics & volume favor a much higher move from here too.
I'm teaching a 2 month class at our community schools on TA and showed them this one on Thursday.
What was really impressive was, with the chart projected on a big screen, I drew a 1+ month resistance trendline on the daily chart ( bigcharts ) and then brought up the 5 minute chart ( this was unplanned ) and exactly where the resistance trendline was broken on the 5 minute there was a large clear candlestick accompanied by heavy volume.
This drove home the level of precision that many traders put into their entries and some of the advantages it affords. I could see the amazement in their eyes.
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TheRumpledOne
6,529 posts
msg #29762
- Ignore TheRumpledOne |
11/9/2003 3:07:57 PM
EWZuber... would you mind emailing those class notes?
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EWZuber
1,373 posts
msg #29767
- Ignore EWZuber |
11/10/2003 2:22:39 AM
TheRumpledOne
Not much of the class is documented yet except for information websites, but I will try and make an effort to copy some charts and send them.
I need them for this class and other projects anyhow.
I would be interested in seeing some charts and indicators that you use also.
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EWZuber
1,373 posts
msg #29768
- Ignore EWZuber |
11/10/2003 3:44:14 AM
Stocks to watch
CHTR...Double bottom while oversold on Weekly and daily charts. This could break very quickly.
Watching for a substantial move one way or the other within the next 2 sessions.
Fundamentals improving but very slowly.
HMSL...This could be explosive. The stock is sitting just below the supporting trendline at the end of a 10 month consolidating wedge.
Weekly chart stochastics show a converged fast and slow line.
Daily chart is oversold with a +xover and volume.
I have been seeing this over and over where these wedges break momentarily through the bottom and it acts like a handle pattern on a cup w/handle. It takes out stops and allows big money to pick up a few more shares cheaper before running it up.
Needs to break resistance and test it as new support support at $0.58.
MCEL...Watching for a break of $3.02.
ANCC...still looks good.
JMHO
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TheRumpledOne
6,529 posts
msg #29771
- Ignore TheRumpledOne |
11/10/2003 10:23:14 AM
EWZuber... you hotmail account rejected my email...
Email me, so I can reply
therumpledone@yahoo.com
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