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  • waterphowler waterphowler Aug 22, 2002 3:59 PM Flag

    Next direction?

    what i see is:
    Wm% indicates an overbought condition, Bollinger Bands- LOW is riding the top band, normally will see a pullback off the band, volume is still good. MACD recently crossed over zero which is positive. MACD Histogram is above 1. Money flow is very positive and Accumulation/Distribution is almost vertical (high). ADX indicates that the current trend should continue. IMHO, I agree with you that a short pullback to consolidate the recent runup would not be out of the question. Any other thoughts on this?

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    • waterphowler,

      I agree. LOW has run up 31.5% off its lows, and is now overbought according to many technical indicators (some of which you mentioned). Of course, it is possible for a stock to stay overbought for a while, but strong volume and market cooperation will be required for LOW to avoid consolidation quite soon. LOW has support at just over $43 with the next stop being just over $40 if first support doesn't hold. LOW is at resistance now and has quite a bit of overhead resistance between $44 and $48. My guess would be a dip, followed by a little sideways action over the near-term. A large move up or down would be surprising to me, unless there is a major market moving external event.

      Who dares, wins!

 
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