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Technology Stocks : LUMM - Lumenon Innovative Lightwave Technology Inc.
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To: Chris Lords who wrote (905)9/22/1999 7:59:00 AM
From: Morag  Read Replies (1) of 2484
 
LUMM profiled today in the National Post - as HOT STOCK. The post is a financial paper in Canada. Same Bloomberg article as posted here yesterday.
In addition is the following tech analysis as provided by Roman Franeo "Lumonen's first trend was downward from the $5 level in July, 1998, to a low of .25 in December 1998, to January 1999. Its initial rally into February was to the $1.50 zone, followed by a pullback to support at .45 in March and April. Its next move was to the $3 range by late May. Buying picked up in early July and mid-August as supply at the $3 level was gradually absorbed, and the daily MACD gave a buy signal in mid-August. Price broke out and attained the $5 level again on Aug. 30 on record volume. The stock then took only another seven trading days to more than double again to the $12 range on further record volume. Late last week, price consolidated briefly on decreasing voluem. On Monday Sept.20, the stock hit a new price high of $12.44 on another surge in volume. Given the strongly rising MACD and bullish price-volume combinations, the uptrend gives evbery sign of continuing.

It is reasonable to expect price to attain first the 262% and 424% projection levels at $14 and $22 respectively and that as past Fibonacci levels have heralded price reversals, the projected levels will also act as resistance and support levels."
NICE....
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