Tuesday, February 25, 2003 10:30:14 AM
Better view of PAYX Support at 24.50
I was just checking a shorter timeframe to see where PAYX might bounce and in this view you can clearly see where 24.50 was previous support and should have been the bottom of the short term box and could have possibly been used to lock in a short term profit on the Short. Watching now to see if the top of the box at $25 will continue to be resistance or not. A lot of volume coming in here but if $25 holds resistance then the longer term short could be held. A breakdown of 24.50 that holds resistance there could be a trigger to add to the Short and set it as a stop loss with anticipation of a retest of 24. That would make the box below the breakdown of 24.50 have a top at 24.50 and a bottom at 24. Anybody reading this and following what I am saying? <GG> :^)
I was just checking a shorter timeframe to see where PAYX might bounce and in this view you can clearly see where 24.50 was previous support and should have been the bottom of the short term box and could have possibly been used to lock in a short term profit on the Short. Watching now to see if the top of the box at $25 will continue to be resistance or not. A lot of volume coming in here but if $25 holds resistance then the longer term short could be held. A breakdown of 24.50 that holds resistance there could be a trigger to add to the Short and set it as a stop loss with anticipation of a retest of 24. That would make the box below the breakdown of 24.50 have a top at 24.50 and a bottom at 24. Anybody reading this and following what I am saying? <GG> :^)
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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