RE: RE: TA UpdateHey, I am not arguing with anyone or saying fundamentals do not have a place in stock trading.
When I state the lack of news of late...in the market place, any news release good or bad typically has and effect for 2 or 3 days and then the majority of the trading is done with the stock until the next bit of news.
A couple of weeks is a long time and yes, many companies go for months without news, and the charts typically reflect that.
What I do show are support and resistance lines which many traders rely on to make their decisions, so like it or not, decisions and price movements are based on specifice lines or indicators being crossed.
I like to know where bottoms and tops are so I can adjust my trading accordingly.
In the almost 20 years I have been trading stocks, I haver rarely...if ever seen a stock on a bull run stay over an RSI of 90 for more than a couple of days, or likewise the same on the other end of below 20.
The same goes with MACD and Full Sto and why these are critical numbers to watch, imo.
As per what I see here right now, I stated on a purely technical observation which history tells me has a 70% accuracy rate.
On Monday, the company puts out the NI report and then I look at the resistance support lines after the first hour of trading and then base my trades from that point on, re-assessing what the charts are dictating.
It won't get you the bottoms or the tops typically but will typically provide you with a nice "knowledgable" trade.
Happy Trading all,
Mediascan