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Jim,
Well, ASND is down again today. But I think the bottom is near.
Right now, at 46 5/8, it is just below the 50-day MA.
Now I want to engage in an admittedly dangerous exercise: I am going
to predict the bottom of a channel we have not yet seen.
Take the top of the new channel to be the line from the highs of 5/5
and 5/28 (i.e. 53 1/2 and 60). These are 16 days apart, with a ratio
of 1.1215. I want to draw the bottom of the channel through the low
of 4/22 at 36 1/8, and with the same slope as the resistance line
above.
This line will go through 5/14 at 40.514 (4/22 + 16 days, and 36 1/8 *
1.1215). That same line will go through 6/5 (today, another 16 days)
at 45.436.
That is my target price, *if* ASND reaches its low today, or perhaps
tomorrow at 45 3/4.
My broker thinks I need help.
What do you think?
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