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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (14676)9/20/1999 10:23:00 AM
From: Zeev Hed  Read Replies (1) of 27311
 
Paul, I think that you might be quite correct with your analysis of shorters hovering over floorless situations, whether or not the bandits themselves short against their block. In the case of VLNC most of these shorts are in "positive territory and probably will be so at least up the the $6.5 to $7 area (very rough guess). When the stock gets down to the $4 area, they may be covering and they may be reinstituting those shorts (all within the reporting period for the short) and then some in the $5.5 to $6 area (thus causing the overhead resistance we saw there). Unless and until VLNC produces a material event, they'll probably continue and "do the range, until the support in the mid $4 collapses (if it does), then they move the range down another notch. Right now is is a minor support in the low $5, but the major support is still in the low $4.

I'll join John in saying, where are those "friggin" PO. That may change the picture enough to get VLNC out of its current down trend.

Zeev

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