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ARCHIVE:    JUNE

A new Market Call is posted
every market day.

Barnes and Noble (NASDAQ: BNBN)
Market Call™ for June 21, 1999
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.

Basing Patterns in combination with other indicators

When a security is forming a base, there is a defined pattern of support and resistance taking place. Support levels are the price where the majority of traders feel the value is a good buy. Resistance is the level in which the majority of traders feel prices will move lower.

When the majority of traders and investors change their expectations, these support and resistance areas get violated and a new trend may be beginning. This can occur due to changes in expectation of earnings, new product development, change of personnel, cut backs or expansions.

Basing patterns occur intra day in 60 minute bars or on daily charts, or on weekly charts.

Let's look at Barnesandnoble,com, BNBN. BNBN has been in a long basing pattern that looks like a saucer. The stock has been trading between 15 and 17 for the last three weeks. On Friday June 18, BNBN started moving up. It looks like a breakout of a basing pattern to me.

* Our moving average crossover just gave a Buy signal.
* The MACD is also on a recent Buy signal.
* Momentum has just crossed the zero line an is moving up.
* On Balance Volume (OBV) is turning positive.

I would Buy BNBN here. I would place a stop at 16 3/4

Chart courtesy of
 



Interested in adding Market Call to your website?
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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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