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Microcap & Penny Stocks : 1ST MIRACLE GROUP (MVEE), founders last co. went $0.20-$46
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To: myelin2 who wrote (1027)8/19/1998 12:06:00 PM
From: Stephen Goldfarb  Read Replies (1) of 5541
 
Manfred: Charts and indicators can be interpreted differently. The bullish momentum increased when the stock increased in price, accompanied, and proceeded by on-balance volume. The increase in on-balance volume indicated increased interest and accumulation of the stock. The price has now gone back lower than it was previously. It is now on a slightly downward trend. On-balance volume, though consolidated at a higher level, is on a downward slope. The nature of the indicator is that volume is added on stock up days, and subtracted on stock down days. The consolidation at a higher level suggests that the previous purchasers on the run up are mostly holding. The stock appears to be testing its intermediate term lows. A question is whether price will break its lows at about .10. That would suggest further downward movement. On the other hand, if most folks are holding their shares, that suggests less available supply for new purchasers. If demand re-emerges, prices may have to be bid up, creating the opportunity for a decent gain.

An earnings announcement would likely change things around. The bigger the better. The market appears to be watching and waiting. Even with all the news and hopeful expectations, 90 million shares puts a considerable damper on price movement. This is particularly so in the absence of demonstrated earnings.

Comments welcome.

Steve
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