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Technology Stocks : PairGain Technologies
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To: Rick Slemmer who wrote (20039)2/4/1998 10:23:00 AM
From: Rick Smith  Read Replies (1) of 36349
 
R. Slemmer: Your Bearish Signal may not be valid.
Using Point and Figure charting will give you an entirely different perspective on PAIR. From Dorsey Wright's site I find:
The telephone sector is still bullish and in a Bull Confirmed mode.
The stock recently broke out on the upside with a double top buy signal given at 19. That breakout led to a move to 19 1/2 which saw PAIR violate it's bearish resistance line. From a chart you will see that PAIR pulled back from those 19 1/2 highs, making a higher bottom. This is the second consecutive higher bottom that the stock has made, and that is a positive as well. A move to 20 would break the second consecutive double top. Another positive is the weekly momentum here. That weekly momentum just flipped to the bullish side a couple of weeks ago, the first time it has been bullish since 9/22/97, over 4 months ago. The past couple of signals have been good so we'll see.
Recommendation is to buy PAIR here with a stop of 15 which would break the Jan. lows.
Good Luck. R..
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