still here...
this stock will never reach the single digits, and that gap from 11/4/98 will never fill either at $7.141. In fact, I doubt the stock will even retrace back to the recent lows. It's built such a solid base that it seems ready to launch to new highs, now that the new bull market is in full swing.<gg>
I'm not sure if this stock has fallen out of a rising wedge or not, but if it has, often what will happen in a "bear market" is that the chart will roll into a head and shoulders formation and eventually fail. If that were to happen here, then the stock could pull back to fill that little gap around $16 or so, put in a little bounce and a right shoulder, then fall in a measured move to somewhere around 8 bucks... maybe around the next earnings report<g> Nothing says it has to happen real fast, or at all for that matter. Something to be aware of though.
Where's the Bear?
Louis Armstrong used to say to people who wanted to know what Jazz was "If you have to ask...you'll never know"<g>
Regards, and good trading,
John M. |
