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Strategies & Market Trends : Z Best Place to Talk Stocks

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To: marvin litman who wrote (20888)	10/2/1999 10:32:00 AM
From: DanZ	Read Replies (1) of 53068

IRF. Marvin, IRF has shown support on its most recent pullback at about 15. It met resistance at about 17 several days from September 3-21, but it wasn't accompanied by the negative money flow that normally indicates distribution. Rather, the money flow was positive during this entire period and I would view the recent pullback as a buying opportunity, at least for a short term trade. If the stock gets through 17, I think the next area of resistance will be decided by when it intersects a downtrend line on the monthly chart dating back to 1996. This line is currently falling through 18 3/4. The SOX broke through its all time high a few weeks ago and invalidated the bearish case for the index. Overall, I think IRF looks good and that they will probably report improving earnings. Best of luck with the stock. PS to Iceberg: Thanks for posting that interesting article. Hopefully the people on SI who that most applies to will read it. <g>

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