Pete,
My technical indicators say this:
1) We have been constructing a classical bullish pennant since our advance on 6/5. This pattern is almost a perfect textbook example, larger volume on the advances to the resistence line, and lower volume to the suppoft line, with trend of the volume steadily decreasing. This indicator is saying short term hold and wait for a break out.
2) MACD (12,26,9) generated a short term sell signal yesterday. I like to use other indicators to confirm this indicator, such as a sell signalr from DMI (14). The weekly MACD just generarated a buy signal roughly around the week ended 5/16, which was confirmed by buy signal on the DMI with an upturn in the ADX line. This is a strong confirmation.
3) DMI (14) is currently bullish, with ADX line trending higher and dm+/dm- > 1. DM+ and DM- are converging a little, and the ADX has been holding flat, indicating a hold and see signal, in my words.
MRVC has been somewhat of an underperformer to its peers, but I suspect that this is a result of some of the smaller network switching companies indicating short term problems, such as XYLN.
In short, the cyrstal ball is saying short term hold with bullish tendancy, and long term strong buy.
Wayde. |
