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Technology Stocks : Winstar Comm. (WCII)
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To: Steven Bowen who wrote (749)2/24/1997 9:41:00 AM
From: Steven Bowen   of 12468
 
From a technical viewpoint:
Firdays drop caused the relaltive strength to fall from 21 to 14.5. Below 20 is supposed to indicate very oversold and generates a buy signal. Glancing back over the last couple years I only noticed 3 days when the RS dropped to these levels. Two days were in the middle of Jan 96 with the stock again playing with the 13 level, and the RS dropped to as low as 8 (this might indicate a little more downside yet here). This was a bottom and the stock recovered to the 18 range by the middle of Feb. The next RS low then occured Mar 19, 96 when the stock dropped back to 14 3/4 and RS fell to 14. We're at the lowest point now since that day, and we all know what happened during the two months following that Mar 19 day.

We're also sitting on the lower Bollinger Band which supposedly should offer a little support at these levels, although the band (and its support) are falling.

Of course what we've experienced lately is not normal trading so that might throw any TA out the window.
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