eSology

AS THERE HAS BEEN SOME CONFUSION OVER MY INSTRUCTIONS BELOW, PLEASE UNDERSATND THAT THIS IS FOR FINDING DAYTRADING RESISTANCE POINTS TO HELP UNDERSTAND HOW HIGH A STOCK MAY GO ON A PARTICULAR DAY, and is the only reason i use the 10day/60 min charts --- simply because they show todays range and movement in more detail than any other chart. that said, i still research stocks using the 1 month and 3 month charts, with the 6 month and 12 month used for channelers ![u]

for what a stock is doing today, i look at a 10 day/60 minute chart with LRC ---



now the arrow points to where the stock hit the top lrc and the bottom indicators are all topped, so is this the end of the run for TNOG, the same day as it started ?


to then get an idea of what a stock might continue to do, you now need to go to a one month chart to see where THE NEXT RESISTANCE POINT IS !.

if you look at the 60 minute chart, resistance was at 0.022 (the top lrc) but if you go to a one month chart, resistance (top lrc) is now 0.028, which is also where all the moving averages are converging. (take a look at the RSIWLR for one month and see it plainly !



additionally, with the one month chart, look at the indicators on the bottom, the highest of which is only gotten to 60% meaning there is still 40% of a move left before it tops at 100%. since it has taken essentially 2 days to move the indicators off the bottom and to the 60% figure, one can deduce that the stock has another day and a 1/4 to move, and that works out to a nice day tomorrow (one day) and then a gap and flat on friday ! (the 1/4 day) !



another quick check on the three month chart is to measure the distance from the bottom to the top of the last rally (7/14) WITH A RULER and then transfer that measurement to the current rally, measuring from the bottom of this new rally and extending the line upwards for the same distance as the last rally. if you measure, you will see that the NEW rally should end at 0.028 !

if the stock were to continue up, past the 28 resistance, on a 3 month chart we see moving average resistance at 0.028 (which we already know about, and then bollinger and timeseries resistance at 0.034 and above that, the middle lrc line at 0.038. if the stock goes totally nuts, the 3 month top lrc sits at 0.0625 with a hiccup at the 0.05.

thats how i figure resistance for the short term !


my thought is the stock will probably go to 28 for this run, not counting any continuation later !

regards
mp