Novell (NOVL) dirt cheap, good buy? Message Board

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Technology Stocks : Novell (NOVL) dirt cheap, good buy?

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To: Paul Fiondella who wrote (20348)	2/26/1998 4:48:00 PM
From: E_K_S	Read Replies (1) of 42771

Hi Paul - Novell continued very strong at the close. There were 210,500 (bid size) @ $10.00 by 10,000 (ask size) @ 10 1/32 with about 1 minute left to trade. Let's hope those buyers show up tomorrow and we may break through the $10 3/8 resistance. Some of my Technical indicators like "On-Balance" volume are beginning to show some life...OBV now above 38 million shares and expanding. It reached a peak on August 26, 1997 at 100 million shares. That day the stock hit an interday high of $10 1/2 (latter to close at $10 5/16). I remember that day because we traded just over 31 million shares and the new rumor was that IBM was ready to make an offer. Well, with over 15 million shares today (five million crossed the last hour),the OBV can still rise another 60% to reach the previous highs. My most bullish indicator is that the stock broke through it's 200 day MA on 2/23/98 (at 8 1/8) and latter confirmed yesterday and today with heavy buying volume; 13 million shares on 2/25 and over 15 million shares today. It will be quite interesting how this whole thing plays out. EKS (still long but not necessarily proud)

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