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An InvestorLinks article
distributed every market day.

IBM Corp (NYSE: IBM)
Market Call™ for September 17, 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 International Business Machines, (NYSE: IBM).

By looking at he chart below, a trader would draw a Support trendline across the support at 130 on September 7, 1999 and at 137 11/16 across short-term resistance of September 10.

This range in IBM sets up the support and resistance on the stock. Notice the lower highs from September 10 and lower lows. This is troubling to a technician in technical analysis.

If IBM breaks below 130 in the morning, it would signal an exit of any longs. An aggressive trader may want to establish a Short position on a break below 130. If a short is entered, I would place a stop above today's high at 132 5/8.

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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