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Technology Stocks : RF Micro Devices (RFMD)
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To: im a survivor who wrote (4197)1/7/2003 2:18:36 PM
From: Cisco  Read Replies (1) of 4849
 
What I am watching is the volume today. I had 8.81 to 9.06 as a significant resistance area that RFMD had to get through to keep climbing. We saw a sharp sell off this morning when RFMD hit 8.90 high. Volume looks to be over 20 million today. I see the next two hours as critical. I will be concerned if we don't close above yesterday's high. A decline with that much volume usually signals the beginning of a new decline in the stock. If we close above yesterdays close, then we still have a chance to take out the resistance. Failure to take out this resistance area could signal a beginning of a head and shoulder formation which could take it back down to the 5.50 range. Of course this is only my opinion. I am still long RFMD, but will be watching carefully the next couple of hours. Bollinger bands are closing in, a sharp break one way or the other could be in the works.
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