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Technology Stocks : MONI - Marconi Nasdaq ADR

MONI 0.00400

-9.1%

Nov 3 3:47 PM EST

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To: danofthebes who started this subject	7/26/2003 7:08:47 PM
From: Charles Kalb	Read Replies (1) of 129

Technical Analysis comments on MONIY............. I have had a potential Cup and Handle formation flagged on my Daily chart for about a month; it required a close over its 0.090 horizontal Lip line to confirm and had a target of 0.15. Last Wednesday's 0.093 close confirmed the C&H, so I began rubbing my hands with anticipation. Little did I expect that my 0.15 target would be met within the first two hours of trading the next day and reach a 0.18 high. Luckily I was already long. Falling back to the intraday charts, a very orderly Bull Flag has been printed since then. I'm looking at the 30-minute chart. In fact, this Bull Flag is in a special category called a High Tight Flag (HTF) because of the order of 100% or more run-up from the local 0.080 low. I'm reading an upside breakout from the HTF during the last hour on Friday. My target for that HTF is 0.241, which is almost 38% above Friday's 0.175 close. If anyone is thinking of buying in now, the safest approach would be to wait for a close above 0.180 on the intraday charts to be sure the flag consolidation has ended. I also note that, for the 30-minute chart, closing price has remained above the 13 EMA for the entire run up from 0.080, including the flag. This is very bullish because the 13 EMA is a well-established indicator for determining if a strong run is still in play. Does anyone have any insight into what has triggered this significant run?

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