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Microcap & Penny Stocks : ONPT - A 52wk high price and volume
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To: rustyjack who wrote (148)4/11/1997 2:55:00 AM
From: Doug R   of 375
 
Ron, there are now 5 progressively steeper ascending trend support lines.
The 1st starts on 1/9. The next on 2/14. Then 3/26, 4/7, and 4/8. You
will notice that at the point of each accelleration, the price closed
above support, not on it. Thursday the price closed on the line that
began on 4/8. The low pierced that line. Now that the price is on
an uptrending line, it can hold it only if it gaps up at the open.
99% of gaps get closed. The next line down is at 2 3/16 tomorrow.
One below that is 1 15/16. Are you in for short or long term? The
answer to that question will allow you to gauge your downside tolerance.
The current uptrend and current downtrend have met right at Thursday's
close. One of the two will take control now. Keep in mind that they
are both very short term trends. The shorter the trend the more easily
it is violated. As for the upside...the Impossible Line will be at
3 3/32 today. Two days of indecision in the price are indicated by
higher lows with lower highs. The last two lows met lines best
described as breakout support lines A and B. A is drawn across the lows
of 3/26 and 3/27. B is from the highs of 2/25 and 3/31. Breakout
support line C looks to be at 2 1/2 today. That is also where it needs to
gap up to based on that last uptrend line from 4/8. Line C is drawn
across the tops of 2/7 and 2/25. Since there is an intersection of
2 lines today and the price is currently below that point I have to
say that, based on my experience, If there is no gap up the stock must go
down.

Stay loose and breathe deeply

Doug R
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