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Technology Stocks : Microlog(MLOG): Ready to Move?!
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To: Bob&Carolyn who wrote (270)10/31/1997 10:59:00 AM
From: JakeSki  Read Replies (2) of 595
 
Carolyn,
I am just in the learning process with TA as well. 6 is a strong support level in my opinion for two reasons:
1. It represented a strong resistance point during the entire month of september in which MLOG traded in a narrow range right around 6.

2. It represents a 61.8% retracement from the recent high 9.125. I am playing around with Fibonacci cycles should represent a natural support level.

I have a limit buy order at 6 right now, which I figured would be triggered within the next week or so if the current trend continues. But right now MLOG is trading above 7, so all of this might not pan out.

Thanks,

George
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