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Technology Stocks : Ascend Communications (ASND)
ASND 210.01+1.7%Nov 26 3:59 PM EST
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To: Lindsey R. Spencer who wrote (20301)10/31/1997 10:10:00 PM
From: Death Sphincter  Read Replies (1) of 61433
 
Linday.. I,too, recognize this long term Head and Shoulders. The base of this formation is the GAP incurred on oct. 12-13, 1995, when ASND GAPPED from $21.50-$23.50....... This GAP has never been tested and at this time is the TRUE level of support.. Currently the stock sits just above on a "weak" ledge at $26.
ASND would appear to be a good "buy" right now except for the fact that it is at the mercy of the market at large, which is indecisive and fighting for it's short term bull life. A sharp drop in the general market, and a retest of the DOW 6350-6900 level will bring ASND down to fill that GAP. Nearly, everyone here has been riding this "buy the dip" Bull Market mentality. Being an old fart of 45 and having worked at the CBOT in the 1970's.........h-m-m-m-mmmmmmm
Head and Shoulders in CBOT mean more in CBOT as commodoties are traded more TA short term...and the base of a H&S CAN, CAN, CAN be support! Sometimes too much credance can be placed on H&S. I sure that with the market action we can all find MANY H&S right now.......
I rarely post here..but for the record I am long ASND stock @ $26.50 AND I
have ASND January 30 Puts that I purchased when ASND was @ 32.

Carl
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