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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: John Madarasz who wrote (2316)6/14/2000 12:42:00 PM
From: ahhaha  Read Replies (2) of 3076
 
The June 2 gap at 57 1/4 was actually filled on June 5 opening when the stock gapped down to 58. In an average stock if a gap is closed to within a mean B/A which is 1/4 point, the gap can be considered closed. In volatile issues this spread expands and in ELON's case 3/4 is a common spread. Outside of this the intraday action on June 2 breached 58 twice and so the gap isn't structurally breakaway suggesting a need to be filled. If the stock went down to that level, the intermediate uptrend from April 17 would be broken. Indeed, the uptrend is currently being approached and so upside action is needed. If the uptrend is broken, a reflex rally would have to be watched closely. A failure of volume in that occurrence would be telltale.
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