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Technology Stocks : All About Sun Microsystems
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To: Charles Tutt who wrote (970)3/20/1997 3:06:00 PM
From: Ben Antanaitis   of 64865
 
It appears that SUNW may be dodging a technical bullet with today's rebound. I was looking a a point and figure chart of SUNW and it is in a bearish breakout right now, but the bear breakout has yet to be confirmed. A confirmation point ie the breaking of a significant support level would occur if SUNW closed below 25.5 on heavy volume. We were close to that point yesterday, before the bounce.
The current breakout looks to be a combination of bearish analyst commentary (speculation), NASDAQ tech sector 'correction' and Greenspan-speak. (Funny how the powers that be are telling everyone to put their retirement savings and 401K dollars into the stock market and then when Joe-bag-a-doughnuts starts to sink his future into the market, AG decides that the market is getting too rich and poor old Joe-bag-a-doughnuts gets his retirement fund slammed. Wonder if the fat cats are worried that if too many folks succeed in ensuring their future well being that there will be a critical shortage of fixed-income senior-citizens to staff the Wendy's and supermarket checkout lines in the future..)
Well... I digress. The chart appears to show us at a nexus point, caught slipping out of a bullish channel into a bearish slide. But all is not lost, if some event: earnings, announcements, major tech-sector rebound, whatever were to propel the price over 32, then the bull channel would be back in effect.
We can only hope.
If you want to look at the annotated chart, it can be reached at:
pipeline.com
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