The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: R. Ramesh who wrote (9829)	12/30/1997 12:11:00 PM
From: Dave H	Read Replies (2) of 79268

Ramesh, IMO I think we could see a bounce off 5 as that's the second longest uptrend line I can see using the tops of the channel recy was in before the acceleration. Strong horizontal support at 5 9/16 - 5 5/8, but if you see any trading at 5 1/2 I think this one's heading to 5. So, I guess 5 9/16 or 5. Things would get quite dismal if we had to go to the next uptrend line (it's under 3 right now) -- but I don't think it could make it that far since the company IS in a different dynamic since that uptrend line was formed. I think we are seeing the early reaction to a possibly less than stellar earnings report. We were warned of "flat" earnings weeks ago; recy broke it's accelerating uptrend line weeks ago. we are now finally seeing the rest of the crowd catch up. dave

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