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Originally posted by Special J:
Where do you see the next resistance coming? also...how is it that you see resistances? thanks

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Maybe this post will help...

Gotmeed, support/resistance I base on where the stock has gotten to on previous runs, and was not able to move over, for IDGE that was 013, both a week ago and today, the theory here is that the second or third attempt will break it, thus making it more bullish.

Take IDGE, I originally bought once it broke 004 about 10 days ago I think, if you look at the attached chart, you'll see an 004 makr on the way down (Dec 15th or so),you'll then notice it attempting to move back up after hitting bottom, 004 was the point at which it had previously plateaued a bit before it continued to fall, thus after the fall, is then resistance. Therefore, if the stock could get through that, would confirm to me that a real bottom had formed, otherwise you're just takeing a stab in the dark. Well needless to say,once it broke 004, there was no turning back. Granted I could have bought @ 003, but if it didn't break 004, Id be sitting in with dead money for much longer time. SO that explains when and why I bought.

As for selling, that's always much tougher. You'll see around Nov 17th there is a label for 014, that was now the next resistance pt., it fell from there to 004, without stabilizing on the way down.

Well last week, the stock stalled @ 013, didn't make it to 014,so I held onto it, it retraced roughly 50%, then began coming back up 2 days ago and hit the high of 013 again, notice this time there is a cup like formation that is called a "cup and handle" formation, a very bullish formation, thus the theory is that it will get through 013 this time, 018/02 would be the next resistance after that, (the previous highs)

Thanks to i_like_bbstocks.
:-)

quote:

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Originally posted by Special J:
Where do you see the next resistance coming? also...how is it that you see resistances? thanks

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Oooops, chart didn't make it. Sorry.