MASTERING
THE TRADE
ORIGINAL, INTERACTIVE
SEMINAR ON TRADING USING
TECHNICAL ANALYSIS
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2/8/99 Newport News Shipbuilding
(NNS)
Points to watch: NNS has been falling
since completing a Wave 5 up pattern on New Year's Eve. Weekly RSI, Money Flow,
Stochastics, and MACD are all in downtrends. The stock closed at the critical
support level of 27.3 on Friday. There are two important supports at 27.2-27.3:
1.Fibonacci (the 62% retracement of the 9/97-12/97 rally) and 2. the Gann 1x4 angle (from
the 4/97 lows, this angle acted as support last September and November). The 200 day
moving average at 27 provides weak downside support. A break below these levels
would signal the end of the stock's almost 3 year old rally. Sell, or short, on a
break below 27.
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Last modified: April 02, 2001
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