Replies to post #3416 on Ask Vendit Off Topic Questions

[Bera]

That close on IMPH yesterday definitly help the look of the chart in this monkey's opinion but as a whole I am expecting a down day today on the Nasdaq. Not by the charts but by the gut.<g>

http://www.askresearch.com/cgi-bin/chart?symbol=imph&exchange=USA&size=800x600&months=3+...

  
   W  o(..)o   (     CAUTION:  This monkey is still in 
    \__(-)    __)    training!  All opinions expressed 
        /\   (       are for discussion purposes only. 
       /(_)___)   
      w / \          ~Bera 
       /  /      
      m   m 

[Vendit]

Q: If you wait for a stock to close over resistance and it does, if it pulls back to below that point in the morning is that a good buy in or a sign to stay away?

Looking at the chart you can plainly see the stochastic over-sold. A good time to accumulate the stock if the stock has a reliable chart indicator history. I believe that it does.

I glance at the chart and see two confirming black candles in a row which lead me to believe a short term reversal down is in the works, especially since it did not maintain a close above upper resistance of $35.

Now it's time to figure an ideal entry assuming the above is true and correct. Next lower support is $32 1/2 so in a perfect world that would be a good entry target IMO.

http://www.askresearch.com/cgi-bin/chart?symbol=IMPH&exchange=USA&size=640x480&months=3+...