Paul,
I use Telechart 2000 software for my stock charting, and the way I
connected the trendline points, I came up with 8.31 as of today. How-
ever, with that trendline going down it will be about 8.19 by Friday.
So we closed well above it today (5/16ths above it) and by Friday, we
could be well above it.
As to the 50 and 200 day moving averages, you're correct. Yester-
days close of 7.88 put us above the 50day avg. for the first time since
9-29-97. We closed above the 200 day average(which is 8.06) today. So,
agreed, that's bullish.
Telechart 2000 also has a proprietary indicator called BOP, which
stands for balance of power, and they rely heavily on it(as well as
other indicators) for their stock recommendations. On a daily basis,
BOP has been very strong for 7 days in a row now.
Their TSV(time segmented volume) indicator is also bullish and
moving up. Daily MACD has been on a buy signal since Jan 14, when the
stock was at 7.25. "On Balance Volume" is strong and rising. RSI(Rela-
tive Strength Index)is rising and is the highest it's been since 10-20-
97. All these indicators are bullish on a "daily" basis. The "weekly"
indicators are bullish, for the most part.
The weekly indicator that is the most inspiring to me is stochas-
tics. It just crossed over its moving average and is heading up. It
had gotten severely oversold. In fact, the last time the weekly sto-
chastics had been so oversold was 4-3-97 when the stock hit 4.88. After
crossing over its moving average at that time the stock subsequently
headed up to its 1997 peak at 11.625, on 8-11-97. Right after 8-11-97
the weekly stochastics were very overbought and crossed downward over
its moving average, giving a sell signal--you know the rest--the stock
declined all the way down until 1-30-98 and 2-2-98 when it hit a low of
6.50 each of those days. Thus, this bullish crossover of the weekly
stochastics means we could have a pretty good move ahead of us.
This all makes me think some good news is coming soon. Let's wait
and see!! Good luck to all us fellow Refr shareholders.
Ted Campbell |
