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Or at the attached worldcom chart.
As one can see the second bottom occured on lower volume with a slightly
possitive divergence in the MFI.
A nice set-up with the buy-signal at the high of two days ago.
Look at it while it's getting out on the upside of yesterdays inside day (>
6.44)
And with a stop a little under 6 it looks like a pretty lowrisk idea, on
any timeframe.
Happy Easterholidays
Frans
At 10:04 PM 3/27/2002 +0000, you wrote:
>It looks like a double bottom to me which is a trend reversal pattern.
>Frequently there will be a low, the first bottom, followed by a second
>bottom that tests the first. Ideally, at least from my perspective, the
>second bottom should occur on lower volume. These kinds of reversal
>patterns are pretty common on a variety of time scales. For a big one, look
>at the double bottom that signalled the end of the 1998 bear market.
>
>Dan
>
>>From: Eric Porcher <eporcher@xxxxxxxxxxxxxxxx>
>>Reply-To: metastock@xxxxxxxxxxxxx
>>To: metastock@xxxxxxxxxxxxx
>>Subject: Basic chart formation question
>>Date: Wed, 27 Mar 2002 11:01:03 -0800
>>
>>A non-Metastock question for anyone who cares to comment...
>>
>>
>>Attached are two views of the Nasdaq Composite, hourly, from
>>http://cbs.marketwatch.com/tools/quotes/intchart.asp?siteid=mktw&symb=comp
>>
>>The second, smaller image, is the formation I'm curious about. Basic
>>stuff I'm sure. What's it called, and what are the implications?
>>
>>Thanks,
>>Eric
>>
>>
>><< COMPMar270210-40PST.gif >>
>><< COMPMar270210-40PSTsmall.gif >>
>
>
>_________________________________________________________________
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>
>
Attachment:
Description: "WORLDCOM.gif"
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