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ARCHIVE:    JUNE/JULY

A new Market Call is posted
every market day.

Citigroup (NYSE: C)
Market Call™ for August 5, 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.

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.

Drawing Trendlines in a Support and Resistance Channel

Support and resistance can take many shapes. Sometimes it is a horizontal line across support and many times it takes the shapes an angled channel.

The drawing of the trendlines is basically the same. You draw them across the bottom support. Many times you will find the resistance trendline as a parallel line.

It is a good idea for a trader to be drawing trendlines on their charts to help them visualize these support and resistance areas. The chart below does not have trendlines drawn on them. You should print them out and draw your own.

Print out this chart and let's draw these trendlines on Citigroup, C.

By looking at he chart below, a trader would draw a Support trendline across the recent support at 44 and across short-term resistance at 45.

C has been in a downtrend over the past couple of weeks. A trader would draw a trendline across the tops. Place your ruler on the July 19 high and the high on July 28. Notice the peak volume on July 19 at the top.

Stocks that are moving down tend to keep moving down. Each support level in C has been broken as we have seen in many stocks.

Today, August 4, 1999, on the close, C broke 44. I would exit any longs in C now, if not done so before. An aggressive trader may want to short C on any weakness in the morning. I would place a close stop at 45 �.

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: March 17, 2001

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