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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

0.0%

Aug 24 5:00 PM EST

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To: BlueCrab who wrote (22787)	6/16/1999 9:51:00 PM
From: donald sew	Read Replies (1) of 29386

Doc, Although ANCR was up today, it was on declining volume. As mentioned in a previous post I suspected that ANCR is at a short-term top(1-5 days), and the recent declining volume is a confirmation. This upswing to 20(19 13/16 - close enough), is a strong move and the FIBINOCCI retracement is 38%-62% of the runup which started around 10. So that would put the retracement to the 16-14 range. Well, it already hit 16 and bounced, so it already fulfilled the minimum requirement. If the market correction is actually over, ANCR should continue its move upwards. However, I am not yet convinced that the correction for the overall market is over yet, even with todays strong performance. If the correction is still not over it will pressure ANCR to the downside and we could see 16 again and if the correction gets really bad we could get as low as 14. There is a strong support at 15 also, which would reflect the 50% retracement level. Although I do not feel that the correction is over, I also do not feel that there is alot more downside for the overall market. I am suspecting that selling will resume for the overall market next week and could be as early as tomorrow. Seeya Seeya

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