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[Previous entry: "ADI Exit for -1.17, 3.1%"] [Main Index] [Next entry: "Fibmaster's Daily Update"]

09/30/2004 Archived Entry: "Fibmaster's Daily Update"

LIFC
Sept 22 - has SK resistance $9.75-$10, has arrived there, scalpers consider shorting intra-day. Swing traders need to see intra-day support at $9.25 give way for a bigger move to materialize..
Sept 27 - That (.25 support has moved up to $9.40 due to recent chart activity. Scalpers are making $$ on a move down today.
Update Sept 30 - Intra-day short scalps did well, and the opportunities still exits unless resistance at $10 gives way. Swing shorts are safer if $9.40 support fails.

ADI
Sept 16 - has two SK resistance areas for potential shorting: $37.75 and $38.75, watch this chart for a down-turn.
Sept 22 - ADI rallied to the higher SK resistance level.. Intra-day support at $37.75 approximately needs to give way for a down-move to proceed.
Sept 27 - ADI tests that support $37.75 and looks like it will break. Bears are taking over. This chart looks good for shorting intra-day rallies at Fibonacci levels.
Update Sept 30 - Support held, and ADI tries another run at the prior swing high of September.

PSFT
Sept 22 - Scalpers may consider buying if PSFT retraces to support at $18.50, but be careful with the $20.75/$21.00 area, could stall there so consider that a good exit area if there is resistance.
Sept 27 - PSFT didn't retrace to the optimum support area, and rallied without us. Watch that resistance area, if $21.00 doesn't hold, this chart gets really bullish.
Update Sept 30 - No change, watch $21.00

AMZN
Sept 22 - weekly chart looks like it could work it's way up to $50.00, but there is some resistance at $45.00 to be overcome first.
Sept 27 - The weekly up-trend has weakened since my last comment. There is a support level at $40.00 that needs to hold, for the bulls to stay in this chart. A sustained move below $40 would negate the weekly up-trend.
Update Sept 30 - $40.00 support is holding. Possible long trade intra-day for scalpers, up to the $45.00 level.

ORCL
Update Sept 30 - Watch for resistance SK on daily 11.77, bulls beware, possible resistance there.

RIMM
Update Sept 30 - Bullish up to $81.80, weekly pattern, though it could be bumpy getting there on the daily chart.

PFE
Update Sept 30 - PFE bounced today, but has some SK resistance overhead at $31.50 and $32.75.. Look for a possible short trade at one of those levels.

EBAY
Update Sept 30 - There is a double-top pattern on the weekly chart. If the daily chart pulls back below $86.50, there could be a panic. And we all like a good panic.

NXTP
Update Sept 30 - NXTP rallies on earnings, this could be a buy on retracements if it breaks above prior highs of June.

Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his web-site. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
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