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ARCHIVE:    JUNE-DECEMBER 1999  

An InvestorLinks article
distributed every market day.

Sun Microsystems (NASDAQ: SUNW)
Market Call™ for December 30, 1999
Contributed by Mark Seleznov, TrendTrader.com.

The purpose of this Market Call section is to educate readers in technical analysis patterns and indicators. As with all investment information, you need to research information and consult your financial advisor before initiating any strategies that are contained in Market Call.

Also, you must realize that as with all trading strategies, opinions can change quickly depending on market conditions and developments.

This column tries to present historical examples, potential set ups, and examples of entry and exit strategies.

 

Drawing Trendlines in a Support and Resistance Channel

Support and resistance can take many shapes. Sometimes it is a horizontal line across support and many times it takes the shapes an angled channel.

The drawing of the trendlines is basically the same. You draw them across the bottom support. Many times you will find the resistance trendline as a parallel line.

It is a good idea for a trader to be drawing trendlines on their charts to help them visualize these support and resistance areas. The chart below does not have trendlines drawn on them. You should print them out and draw your own.

Let’s look at Sun Microsystems (NASDAQ: SUNW).

Print out this chat and let’s draw these trendlines on Sun Microsystems, SUNW.

By looking at the chart below, a trader would draw a Support trendline across the recent support at 73 1/2 and across short-term resistance at 78. SUNW has been in a congestion range over the past couple of weeks. The stock has been holding support, but also not able to take out new highs. Today’s range again brought SUNW to the top of the range.

When a stock gets range bound the breakout can be good trading opportunity. A trader entering a trade on a break should follow the trade with a close stop. The stock should continue in the direction of the break.

As we saw today, with the range in SUNW, a clear break has not occurred to either support or resistance.

Let the market tell you the direction of the break. This can be done by placing Buy and Sell stops above and below the support and resistance areas.

I would Buy SUNW on a break of the 78 in the morning or wait and Short SUNW on a break below 73 �. A stop to the mid-point of the range at 75 3/4 might be a good stop for a trade in either direction.

Chart courtesy of
 


Interested in adding Market Call to your website?
Click here for details: Market Call Information

Mark A. Seleznov is a General Securities Principal and Managing Partner of Trend Trader, LLC, a NASD, SIPC broker/dealer firm located in Scottsdale, Arizona. A professional trader for over 25 years, Mark was a Market Maker on the Philadelphia Stock Exchange, a Retail Registered Representative, and futures trader. Mark is an author and recognized expert in equity Day Trading. He conducts seminars in Equity Day Trading and offers his firm traders training and support. If his firm holds any positions in the public companies he writes about, it will be noted at the bottom of his article.

Market Calls is a daily syndicated column on trading by Mark A. Seleznov, Managing Partner of Trend Trader, LLC. For information on obtaining Market Calls for your web site, newspapers, or publication, contact
Trend Trader, LLC at 602-948-1146

Disclaimer: Trading in securities may not be suitable for all individuals. Consult your broker or other professional to determine your suitability. This is not an offer to buy or sell securities. The advice given above is of a general nature and should not be taken as a recommendation to buy or sell the referenced security.

 
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Last modified: March 17, 2001

Published By Tulips and Bears LLC