Wednesday, May 30, 2007
Technical Indicators
Projection
Oscillator
The Projection Oscillator is a by-product of Dr. Mel Widner's
Projection Bands. In essense a slope-adjusted Stochastic, the Projection
Oscillator shows the relationship of the current price to its minimum and
maximum prices over time. Unlike the Stochastic Oscillator, here the minimum
and maximum prices are adjusted up or down by the slope of the price's
regression line. It is this adjustment that makes the Projection Oscillator so
responsive to short-term price moves.
Three common ways to interpret the Projection Oscillator:
· Overbought/oversold
· Crossovers
· Divergences
Read More...
Trading Education
Tutorial
Courtesy of
Nirvana Systems
Double Tops and Bottoms
Waiting for the Setup to Complete Results in Profits
There are various chart patterns that help us find good reversal
candidates. Of the major reversal patterns, the double top or bottom is not
only one of the most recognizable, but also one of the most predictive.
Read
More...
NASDAQ Chart of the Day
Courtesy
of Nirvana Systems
OPSW
is winding up within the boundaries of a large triangle range that could offer
a solid breakout opportunity soon. Watch 8.50 up, and 7.75 down for signs of a
breakout.
Daily Trading Signals
NYSE Chart of the Day
Courtesy
of Nirvana Systems
OEH
has built out a large head-and-shoulders pattern at the highs of a big rally,
which is typically a very bearish sign. A downside break through the neck line
(support) at 50.50 could spark heavy selling. Otherwise, further strength
should be seen above this fulcrum.
Daily Trading Signals
Daily Market Commentary
Courtesy of
Nirvana Systems
Updated Tuesday, 5/29 for Wednesday's market.
|
Key DOW Levels for 5/30
|
|
UP
|
Above 13,550
|
|
DN
|
Below 13,450
|
Pull-Back from Highs...
- Dow reverses from early strength, but manages to close with
gains. The index pushed to new lows before bouncing to the Close for a 14 point
gain.
- The NASDAQ and S&P each reversed from early highs and bounced from
late-day lows, indicating range movement at overall highs. Look for more
sideways movement until a decisive breakout occurs.
The NASDAQ and S&P
Summary
The Dow closed the day with a mild gain of just 14 points, but remains near the
overall highs of the major uptrend. The index is building out a large range at
these highs, which could eventually spark key directional movement. Watch this
range closely.
Read More...
