Another breakout????

Discussion in 'Trading' started by wwatson1, Mar 13, 2002.

  1. According to my analysis of the Dow intraday there has been consolidation these last few trading sessions and we are now at an important intra-day trend line.

    Are we going to see the Dow breakout trough yesterdays high of 10639? OR TANK FAST!!

    Ether way I recon there should be quite a bit of action on this decision point day.

    Where are you lot placing your bets?
  2. Dearest Brother wwatson1,

    It is with the greatest of interest that I perused your interesting analysis.

  3. Babak


    Another way to look at the same chart is to draw a parallel line (a bit to the left of the one already there) to make an uptrending channel. In this scenario a 'break up' from the flag would not necessarily cause a true breakout but still be contained in the channel. Hope that was clear!
  4. You mean it would breakout only to have resistance at previous support trend line right? Could be a good shorting opportunity soon then