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Strategies & Market Trends : Chart Formations

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To: Sergio H who wrote (283)	9/20/1999 10:08:00 PM
From: Casaubon	Read Replies (3) of 967

my opinion is that IFLO put in a reversal candlestick called dark cloud cover iqc.com furthermore, it did so on high volume, right at the horizontal resistance of $4.00. This price represented horizontal support from early 1996 to late 1997. When this support broke it reversed to become resistance. currently, the chart is working on a bearish descending triangle, however the stock is not in a downtrend so I don't put too much credence in a resolution to the downside based on that. Another interpretation (better in my opinion) is that it is currently flying a bull flag, and may drift lower to eventually find support around $3.00. Growth looks reasonable (41%), PE (16.3X 1999earnings) looks reasonable, insider buying (notoriously early), press releases all look positive, sounds like a good buy. My only reservation is the reversal candle at resistance. The monthly bollinger bands suggest this stock got ahead of itself and needs to digest the move. Good Luck!

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