Echelon Corporation (ELON) Message Board

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Technology Stocks : Echelon Corporation (ELON)

ELON 21.88

+10.1%

Oct 6 5:00 PM EST

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To: IngotWeTrust who wrote (1623)	3/31/2000 8:37:00 PM
From: John Madarasz	Read Replies (1) of 3076

On my 30 day chart 50 DMA @ $64.19... $65 level has been tested 4 times and has held FWIW 14 period RSI 40.7...the lowest in three months...ready to spring back? You're right though, this one could go lower to fill the gap, that type of air is hard to ignore... except that breakaway and continuation gaps don't always get filled, exhaustion gaps do. a couple other thoughts that might be appropriate here: - Trends test the point of last support/resistance. Enter here even if it hurts. - Sell the second high, buy the second low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try. This thing seems to trade like the retail stock that it is, it seems really manipulated with big spreads and fast moves, and it seems to track the NAZ pretty close. With a manic market here, and the possibility of a strong rally in the next couple weeks, it's hard to ignore the possibility of a ramp job here. Money flow and OBV can turn on a dime here... but is is still down I think the odds have to be in favor of a positive move in a rising market, or continued decline in a flat or down market. Indicators and anecdotal evidence seems to point towards a strong rally in the compx in the days and weeks to come. Rising tide may lift this boat for some nice profits ahead of earnings. There's been a whole lotta shakin goin on the last 10 days,<ggg> Earnings est. recently lowered from -.01 to -.02...could be room for a surprise. maybe it's time for the pros to sell some back at higher prices. Either way you play it... best of luck. Hope you can add another nugget to your pack. Have a great weekend, JM - -

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