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Technology Stocks : Westell WSTL
WSTL 6.130+8.7%Nov 26 3:52 PM EST
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To: max power who wrote (20371)9/12/2000 10:34:00 PM
From: charlie mcgeehan  Read Replies (1) of 21342
 
short term this is not an easy read. the chart shows a big, white candle which is usually bullish. we have had two other high volume days recently...july 20 when WSTL gapped up from 21.75 to open at 24.81 and close at 27.50. the next day we opened and closed at 28.50 followed by several neutral days and a long decline. on aug 2 we closed at 18.00 and gapped down to open at 15.37 and close at 15.87 followed by two up days and a return to down trend.

today is different in that we were down in an up market and started up just after midday. i see no real reason for this...there are takeover rumours about but they have been there for some time. part of this run up may have been shorts covering but i don't think that is the primary reason for this move. if you look at a summary of the trades made today much of this is institutional or insiders buying. my guess is that something is up. there were some block buys this morning but nothing unusual in this stock. we started to move when there were big blocks one after the other. there were also 3 huge blocks AH totalling 800,000 shares.

i admit that i don't know this stock the way most of you on this thread do but the movements today suggest to me something more than just a momo is up. do your own dd ...i am likely going to hold and see how this all unfolds.

good luck
charlie
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