AI
Friday, December 01, 2006 2:26:35 PM
Geo, well, maybe not today, but who knows ;)
It IS serious resistance, I've shown it here (red horizontal line) in the Weekly Chart, which is very much a good-news/can't-see-any-bad-news chart for now, with the downtrend lines being broken to the upside weeks ago and the uptrend and ascending triangle holding up so far.
For a solid year now every approach to the range around 8.50, except for a very brief time at the peak of that eyeman pump, advances have been rebuffed right around $8.50. You can see from all the weekly candles butting up against 8.50 that there was a lot of buying going on there, in addition to the selling of course, and IMHO part of what happens is the folks that bought there in the past see returns to that area as opportunities to just get the heck out, perhaps a little disgruntled at holding dead money for so long, but glad to break even and either go elsewhere, or wait for a repeat of the past bounces down from that area and then buy in again, but cheaper this time.
The other thing that causes such resistance over time is the market for TIV stock gets a little 'trained', with LOTS of folks buying around $6 and selling on the trips over $8, realizing a 33% gain on their money in not TOO long a period of time, and perhaps doing it several times within a year. You can see all the opportunities there have been for that in the chart.
Nothing 'rocket sciency' about any of the above.
Now, why $8.50 specifically (or, you know, +/- a little around there) started out being this serious resistance point to begin with, that's perhaps a more interesting question.
It's almost as if it has been 'dictated' by one or more groups.
Maybe it's the shorts being committed to not letting TIV edge over that if at all possible, who knows, but it could be. Maybe a little above there is the actual 'short trigger' buy-in point, if there really is such a thing.
Maybe it's accumulating longs setting that point (or actually possibly even a slightly lower point) as the highest they will push the stock with their purchases before easing off the gas and letting it subside a bit, who knows, but it could be.
Maybe it's a little of both. Maybe they're all in cahoots! (lol, j/k)
Anyway, it is resistance until it isn't LOL, and as said many times before I would think the right kind of news could blast through it eventually, and then, as you can see from that weekly chart, there just isn't a whole lot of solid resistance showing above. The right news could start quite the run upwards. Duh lol. That's what we're all counting on!
JMHO (chart below)
jonesie
It IS serious resistance, I've shown it here (red horizontal line) in the Weekly Chart, which is very much a good-news/can't-see-any-bad-news chart for now, with the downtrend lines being broken to the upside weeks ago and the uptrend and ascending triangle holding up so far.
For a solid year now every approach to the range around 8.50, except for a very brief time at the peak of that eyeman pump, advances have been rebuffed right around $8.50. You can see from all the weekly candles butting up against 8.50 that there was a lot of buying going on there, in addition to the selling of course, and IMHO part of what happens is the folks that bought there in the past see returns to that area as opportunities to just get the heck out, perhaps a little disgruntled at holding dead money for so long, but glad to break even and either go elsewhere, or wait for a repeat of the past bounces down from that area and then buy in again, but cheaper this time.
The other thing that causes such resistance over time is the market for TIV stock gets a little 'trained', with LOTS of folks buying around $6 and selling on the trips over $8, realizing a 33% gain on their money in not TOO long a period of time, and perhaps doing it several times within a year. You can see all the opportunities there have been for that in the chart.
Nothing 'rocket sciency' about any of the above.
Now, why $8.50 specifically (or, you know, +/- a little around there) started out being this serious resistance point to begin with, that's perhaps a more interesting question.
It's almost as if it has been 'dictated' by one or more groups.
Maybe it's the shorts being committed to not letting TIV edge over that if at all possible, who knows, but it could be. Maybe a little above there is the actual 'short trigger' buy-in point, if there really is such a thing.
Maybe it's accumulating longs setting that point (or actually possibly even a slightly lower point) as the highest they will push the stock with their purchases before easing off the gas and letting it subside a bit, who knows, but it could be.
Maybe it's a little of both. Maybe they're all in cahoots! (lol, j/k)
Anyway, it is resistance until it isn't LOL, and as said many times before I would think the right kind of news could blast through it eventually, and then, as you can see from that weekly chart, there just isn't a whole lot of solid resistance showing above. The right news could start quite the run upwards. Duh lol. That's what we're all counting on!
JMHO (chart below)
jonesie
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