Going Down?
Be aware of retracement levels when looking at pullback setups. This is a
second signal, in addition to the trend, pointing toward the probable direction.
08-29-2001
14:33:45
Black Box (BBOX)
is appearing vulnerable in a pullback from its recent low. BBOX is currently
up 0.20 to 51.70 and has a 3-month
relative strength ranking of 20 from TradingMarkets.com.
Not in the post, but not overlooked, was the fact this area of
potential change of direction was hitting the 38.2% retracement of the last leg
down.
From here BBOX drops more than
6 points.
Use Fibonacci levels in conjunction with pattern recognition,
and you just may uncover a few winners.
Until tomorrow,