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Technology Stocks : Ascend Communications (ASND)
ASND 220.42+4.9%Dec 12 9:30 AM EST
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To: RICK SCHINZEL who wrote (14555)9/26/1997 1:09:00 PM
From: vegetarian   of 61433
 
On a technical basis we are headed to 25 and it is making all the copy-book moves toward that target (that is why it looked like such a nice sell point at 38), nobody knows whether it will make to 25 or not
but I think it should cover substantial portion of the distance from here.
There is not a whole lot of things before earnings to push it to 40 from here, the investor faith which have supported in these days could start diminishing once it goes below a few critical levels.
Sorry to be so bearish but that is how it appears to me at the present.

"On a tchnical basis you could look at the chart before 40 as either a descending triangle or a rectangular consolidation.
This formation was broken on the downside with a huge volume when it went below 40. Typically such downward moves have a bounce and they go further down from there (any TA book will tell you that such are good sell points, ASND has done that and is on its way down). For the downward potential measurement, if you treat the prev chart as a descending triangle, the downside potential is too large, however, conservatively, if you look at it as a rectangular consolidation between 40-55, the downward move has a target of 15 points after the breakdown at 40, which is 25. So that should provide some rationale for the target"
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