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Friday, April 18, 2008

Alliance Capital Management Holding L.p. (ADF) Technical Analysis

Today we'll analyze the Stock ADF for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 7.19$ (02/26/08) to 6.78$ (03/18/08) a 0.41$ move
2- The current bullish trend started from 6.78$ at 03/18/08 and is currently trading at 7.16$.

3- The stock current support level is at 7.03 which is the 61.80% fibonacci retracement of the last 0.41$ move.
4- The stock current resistance level is at 7.19 which is the 100.00% fibonacci retracement of the last 0.41$ move.
5- According to ADX, the trend is currently strong bullish, which is getting stronger.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Short term chart patterns :

6- The Stock formed Double Top Pattern at 7.19.
Mid term chart patterns :

None.
Long term chart patterns :

None.

Conclusion:
ADF was trading in a strong bullish wave, which is becoming stronger .
Technical indicators and chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
.

Resistance Levels: 7.19, 7.30, 7.44.
Support Levels: 7.07, 7.03, 7.01, 6.99, 6.97, 6.94, 6.93, 6.88, 6.78,.


That's all for today ... thanks for reading the post,
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Shadi
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