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ARCHIVE:    JUNE 1999-JANUARY 2001  

An InvestorLinks article
distributed every market day.

Avant Corporation  (NASDAQ: AVNT)
Market Call™ for January 30, 2001
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.

Third Times a Charm

Three! It is often a highly intriguing number in technical analysis; most often in terms of support and resistance. Many technicians believe stocks that can test support three times without violating that support will then retrace to the upside away from the support level, and vice versa for stocks failing to go through resistance. On the support (down) side this is known as a triple bottom; on the resistance (up) side this is known as a triple top.

A good example of a triple bottom occurred in INTC (December 29th 2000, January 3rd, 2001, and January 17th 2001). On all three days Intel tested the $30 support level but never traded through. Since the third test of the $30 support, Intel has retraced back up seven points, it’s highest level in over a month.

So what happens if we actually get a break through support or resistance? Often a break on the third effort results in the largest percentage moves since many technicians are looking for triple tops and bottoms, or in this case, a break out resulting from the third testing of support or resistance.

Now let’s look at AVNT.

AVNT had a strong move from 17 � to 27 before retracing below 21 �. Prior to today AVNT had two tests of the 24 � level on January 24th and 25th. Today the stock broke the level with a strong effort at the end of the day.

I would buy AVNT at any point now and put a stop in at 23 7/8.

If the move continues Tuesday morning beyond $25, the $24� level should provide as new support and may be a good place to move the stop to 24 3/8.

For tick by tick charting and quotes for trading, use Trend Trader TORS Software.

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: January 29, 2001

Published By Tulips and Bears LLC