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Realtraders,
Just thought I would share a very interesting stock price setup. Take a look at Glaxo (GLX 39.50 at 9:35am et 8/14/97), you will notice that this stock has declined approx 20% over the last few weeks and I believe that this stock has NOW FORMED A DEFINITIVE JAPANESE CANDLESTICK "HAMMER" BOTTOM. This signal alone is usually very powerful! Combine this with the lows that were set yesterday at 38.25, in which we hit strong horizontal support and oversold oscillators and indicators, we should get a nice bounce UP. Finally, this decline of 20% symmetrically matches a past decline that this stock experienced in Jan-Apr '96. Therefore a symmetrical BUY signal is given.
Thought you might be interested, John Boggio
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