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I think Agouron Pharmaceuticals (AGPH) hit the bottom of its short
term uptrend channel and bounced today. I am drawing a support line
through the lows of 4/28 and 7/14.
I'm not real sure of this channel. It does coincide with the 50-day
MA, which is true of most of my channels.
I'm trying to draw a Raff Regression channel over the data starting
from 4/28. Picking an endpoint is difficult, and shows just how
subjective a Raff channel can be. Moving the right endpoint makes
the lines jump all over the place. By choosing 7/10 as the right end,
I can make the Raff support line coincide with my trendline. But is
that valid?
Anyway, I'm still holding the AGPH I bought at $74 back in May when it
broke out of a short term down trend. Then I decided to hold on and
not do anything when it topped out at $91.
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