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Dennis Tilley's Support Line
Re: DELL danger signs

· To: metastock@xxxxxxxxxxxxx
· Subject: Re: DELL danger signs
· From: Brookemail@xxxxxxx
· Date: Sun, 11 Oct 1998 14:35:28 EDT
· Reply-To: metastock@xxxxxxxxxxxxx
· Sender: owner-metastock@xxxxxxxxxxxxx

Another interesting thing about DELL's rally on Friday is that Bill Williams' profitunity indicator gave it a "fake bar."

"The current bar is called a fake bar. This bar shows a decrease in volume but an increase in the MFI. This condition denotes that the market is moving more relative to the previous bar (the greater MFI), but the lack of volume is evidence that there is no new participation. The price action may be driven by just the traders in the pit and is not attracting new players from the outside. I have a hypothesis that the traders in the pit may be just strong enough to push the market to price levels where there are many stop orders resting in the hands of the brokers, hence faking out the off-floor traders.")

{If((H-L)/V>Ref((H-L)/V,-1),PREV+((H-L)/V),PREV-((H-L)/V))}

However, this may be due to the fact that volume was so high on Thursday.

One more thing: Price bumped up against Dennis Tilley's support line (at 53) on Friday:


Dennis Tilley's Support Line

PrCnt:=Input("Percentage",0,100,10);
LookBack:= Input("Look Back Periods",1,1000,10);
Support:=ValueWhen(1,Cross(C,Mov(C,LookBack,S)),LLV(L,LookBack));
Support * ((prcnt/100)+1);

 

e-w-Dennis_Tilleys_Support_Line.gif
I prefer Widner's formula for support (now at 55.5), but in any case, the old support lines for DELL have become the resistance lines. I'll be watching to see whether these lines can be broken through. Widner's formula is:

If(Ref(LOW,-4)=LLV(LOW,9),Ref(LOW,-4),PREVIOUS)

I'll be watching to see what happens after INTC and CPQ release earnings reports next week. I still remember how DELL plummeted in May after HWP warned of lower earnings.

Brooke

[9446]

Source / From: TOP
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