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Non-Tech : Any info about Iomega (IOM)?
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To: Gary Wisdom who wrote (40607)12/18/1997 11:35:00 PM
From: Ben Antanaitis  Read Replies (5) of 58324
 
Sorry for the delay in answering. I had to go over to the local PBS TV station and host the Stevie Ray Vaughn Tribute special as part of our fund drive till after 10PM. I 've been working the charts since.

Here is what I see... with the chart scaled with 2% price deltas per box, IOM has broken through the overall bullish trading channel resistance line and MAY be forming an overall bearish trading channel. I say MAY because until IOM does make an uptrend column and the new pattern confirms the bearish trading channel, we may be in a fakeout-breakout. Whichever way it goes, there appears to be a support area at 23.5; another at 22 3/16; and another between 21.25 and 20.75; after that it's 17.75. NOW the 2% price delta scaling is what is called a 'traders' scale ie the patterns form very quickly allowing for short term trading over small swings in price.

When I 'filter' out some of the volitility by making the boxes equal to 4% price changes (this is called an 'investors' scale), IOM is still in an overall bullish trading channel, but sitting on the final bullish support line at 23.58, a move below 21.8 would break the overall bullish trading channel and potentially start an overall bearish trading channel if the pattern confirmed it.

Using the 'traditional' A.W.Cohen '3-point reversal' method of box scaling, IOM is still in an overall bullish channel with two support lines, one at 23 and one at 22. A move to 21 would break the bullish trading channel here.

SO, it looks like the 'traders' chart says SELL and look to buy back in at 21.25 or so. BUT the 'investor' and 'traditional' says HOLD since we are near the edge, but not over it and perhaps the support may hold between here at 21.75.

I am personally going to hold to see what happens to the patterns next week post-split when the box values get adjusted.

Ben A.

PS We all know this is opinion only, and not any form of investment advice, right? Right!
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