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Strategies & Market Trends : CD Radio (CDRD) A FLOOD OF STOCK
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To: Candle stick who wrote (3)10/2/1997 10:41:00 PM
From: Candle stick   of 20
 
Here is my reading of the charts on CDRD:

Today formed what is know in candle stick charting as "dark cloud cover". CDRD opened the high and closed the low, and in combination with yesterdays closing high this is a top reversal pattern. Volume was good between the two days , and stochastics are getting into overbought territory. Anyone out there waiting to short this stock, NOW is the time.

Targets.....first support is a major trendline support that comes in approx. at 17 3/4.
A break of this level should yield a fast decline to the July lows of 14$, at a minimum. Looking into November and a large increase in the shares outstanding coming, the bigger move should eventually carry the stock down into the 8 3/4-11$ range , which is the gap found in April of this year. Somewhere in this gap the stock should find support.

If the gap were to fail to offer support the next level to be seen would be 4-5 dollars. However this type of move could be as far as 9-12 months in coming.

Suffice it to say, for the very short term trader (1-2 days), look for the trendline to be tested. For the medium term trader (3-6 weeks ) look for the trendline to break as the conversion date draws near , and the stock to fall to 14 ahead of fears of massive dumping of converted common stock. And for the long term trader ( 9 months and up).....CDRD could ultimately end up right where it started , 4 bucks............happy hunting, and best of luck to all....;^)
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