EWZuber
1,373 posts
msg #57525
- Ignore EWZuber |
12/4/2007 1:05:46 PM
Next resistance
COMP 10 HR.MA @ 2040
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EWZuber
1,373 posts
msg #57547
- Ignore EWZuber |
12/4/2007 3:36:56 PM
I suspect that when the COMP 10 HR.MA comes down to meet price it will drive the index lower and very possibly fill the gap on the Daily Chart.
Right now immediate resistance is at the 50 HR.MA which is still in an uptrend and so will not act well as resistance. The shorter term 10,15 & 25 HR.MAs are all in downtrends and I suspect will push the COMP lower during this Daily Chart distribution phase.
COMP HC(Hourly Chart) pattern support at 2623. Any HC candlestick closing below that level will violate pattern support. If accompanied by a stochastic -Xover= sell signal.
IMO
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EWZuber
1,373 posts
msg #57549
- Ignore EWZuber |
12/4/2007 3:44:34 PM
With 17 minutes left to go it looks like a break of COMP HC pattern support at the close is imminent.
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EWZuber
1,373 posts
msg #57551
- Ignore EWZuber |
12/4/2007 4:08:34 PM
Got a close below HC pattern support with a stochastic -Xover = sell signal on the COMP. IMO
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EWZuber
1,373 posts
msg #57556
- Ignore EWZuber |
12/4/2007 5:19:25 PM
So the COMP closed DEAD ON it's 15 DMA as support. With a ST sell signal on the Hourly Chart. this seems to indicate a drop tomorrow morning to test support at the top of the gap at 2606~2613.
I'll be surprised to see it close the gap down at 2585.
There is a very small possibility it doesn't drop at all since it did close on Daily Chart support. How wierd is that?
With the 10 HR.MA about to contact price though, I suspect it does drop some. To get back on it's feet it will have to use the 5 minute chart MAs as support after bouncing off of price support at the gap.
IMO
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EWZuber
1,373 posts
msg #57587
- Ignore EWZuber |
12/5/2007 3:21:14 AM
Looks like FCEL: may offer a buying opportunity tomorrow if it bounces up off its 50 HR.ma.
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EWZuber
1,373 posts
msg #57601
- Ignore EWZuber |
12/5/2007 11:06:01 AM
COMP hitting up against resistance at the 25 DMA. at ~2663. This could slow things down a bit for tech.
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EWZuber
1,373 posts
msg #57605
- Ignore EWZuber |
12/5/2007 12:35:27 PM
I see this gap up as serving three functions, first it completely avoids all the resistance that stocks would have met at their Hourly Chart moving averages that were all in downtrends. This would have been tedious slogging through all that resistance.
Second, it will serve to turn the Daily Chart 25 DMA up so it can serve as support.
Third, it forces massive short covering which is what we are seeing right now, IMO..
I suspect that one important indicator that could have alluded to a move like this on the Hourly Chart is the dominant 50 HR.MA, which is in an uptrend and has been since 11/28.
The shorter term MAs , 10,15 & 25HR were all coming down to meet the 50HR.
Also the Daily Chart 15 DMA was tested as support yesterday and confirmned as support this morning.
An interesting scenario.
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EWZuber
1,373 posts
msg #57606
- Ignore EWZuber |
12/5/2007 12:40:37 PM
I believe SMTC will see little resistance until it hits it's 50 DMA at ~$17.50.
Shorters have kept this one down and now are struggling to cover.
Picked up a bit but missed the good entry. Up only a couple percent.
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EWZuber
1,373 posts
msg #57608
- Ignore EWZuber |
12/5/2007 1:04:41 PM
FCEL has formed a potential double top pattern on the 5 minute chart.
Support for this pattern happens to be dead on the 25 DMA at $9.40.
It is testing that level right now as support and there may be a long play here if that support holds.
Hourly Chart pattern support holding so far, so that is encouraging.
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