NEXTEL Message Board - Msg: 3495987

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Technology Stocks : NEXTEL

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To: Ed Pittman who wrote (4792)	2/21/1998 6:41:00 PM
From: Arnie Doolittle	Read Replies (1) of 10227

Ed, I disagree with your statement that 26 did not hold. Stocks must close 3% below support before they are considered "broken". I have yet to read a technical analysis book that disagrees with that approach. In NXTL's case, that would have been 25 1/4. Since the stock didn't fall below 25 7/16, the support at 26 held. And did you notice how the stock rebounded with volume the day it closed below 26? Someone is holding a basket under NXTL at the 26 area. So far it has held. Friday's double top pullback again came on low volume. Yes, I know that stocks can and do fall without volume. Monday will be interesting because the option expiration date will be history. Breaking 22 is a pipe dream imho. I'd be interested in seeing your accumulation indicator in action as I would back test it in several situations that have worked well for me in the past. If it's not proprietary, perhaps you could mention what you're using. Arnie

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