Well. someone mentioned that ML was buying Ascend under
32, after they bad-mouthed it this morning.
In any case, with regards to the intraday price movement,
we are seeing 32 as the support/resistance level. 32 was
resistance for about 1 hour this morning, and when it
broke through, 32 became support, which also laster about
1 hour. Now we are below 32 again, and it represents
resistance as before.
Intraday momentum has turned negative, but if 31 5/8-3/4 holds
for the next 1/2 hour or so, then a move back above 32 looks
promising. What _is_ positive is that we quickly went up
1 point from the open of 30 3/4, which indicates limited
selling.
Assuming that the fundamentals are intact, and that Q4 will truly
be a much better (typical) performance for Ascend, moving back
to 35 should not be a problem by the end of October. It is
necessary for management to clear the playing field of all
uncertainties, as many here have said before. |
