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Technology Stocks : Sycamore Networks Inc-(SCMR)
SCMR 0.2260.0%Nov 30 4:00 PM EST
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To: Jack Hartmann who wrote (1639)11/17/2000 8:44:33 AM
From: Jack Hartmann  Read Replies (1) of 2249
 
Some TA comments on SCMR

After a 3-month decline from above 170 to below 60, Sycamore Networks (SCMR) could be finding support. The 3-month trend remains bearish with selling pressure still prevailing, but this stock deserves close attention over the next few weeks.

The stock is trading below the trendline extending down from Aug-00. The series of lower lows and lower highs remains intact.
The directional movement indicators still favor the bear. -DI remains above 30, indicating a strong downtrend in place. +DI has started to strengthen over the last few weeks (higher lows), but remains below -DI. Until there is a crossover, the downtrend remains dominant.
Money flows have improved since late October. CMF (10) recently broke into positive territory and CMF (20) is trading above -10%.
Recent price action indicates increased buying pressure over the last 3 weeks. Since the 26-Oct hammer (green arrow), the stock formed two inverted hammers (gray arrows) and gapped up the last two days.
Since the high volume hammer, the stock advanced 8 of the last 14 days, 3 of which occurred with high volume.
Short-term resistance resides around 70 and support at 54.
The late October gap down remains the dominant short-term chart feature and would need to be cancelled out before considering a long position. A bullish reversal followed by confirmation would do the trick as would filling the gap.

stockcharts.com

link has the color graphs

Jack
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