To All,
The performance of LCAV today was encouraging. H $3 3/8, L $3 1/8, C $3 3/8, V 2,900 shs.
The stock failed to trade below its support of $3.128, and closed at its high for the day. The volume was low showing lack of positive conviction, but it also shows absence of selling.
The short term MM indicator has gone from a negative to neutral, nullifying the sell signal. The Stochastics sell signal has been aborted with a possible double top formation.
Comparing weighted moving averages 8 day vs 21 days on the daily bar chart, the 8 day average has crossed over (up) through the 21 day average. This has always been a good short term indication of an uptrending price pattern. What is missing is the increasing volume on the upside price breakout.
It is presummed that latest report of 7/15/97 (or whenever, see post #52 this thread) has been seen and evaluated by the public. So any expected sell off do to bad fundamentals has failed to occur.
With all of the foregoing in mind, it would seem prudent to hold long positions for the present, and continue to watch the technicals.
Harry |
