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Technology Stocks : Ascend Communications (ASND)
ASND 212.48+0.1%11:50 AM EST
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To: Glenn D. Rudolph who wrote (42022)4/4/1998 12:12:00 AM
From: Jeffery E. Forrest  Read Replies (1) of 61433
 
Glenn, we should see a re-entry point soon IMHO.

As you may remember one of my favorite TA techniques is B-Bands in tandem with RSI (or MACD) to signal reversals.
That set-up has generated a nice reversal signal.

Price has popped out of the upper B-Band limit and RSI has gone above 70 and reversed (now back below 70).

We have also formed a Dark Cloud Cover Candlestick formation. A Dark Cloud Cover is not a formation so strong that I would mortgage the farm on it, but still a good strong pattern nonetheless. ( I WOULD mortgage the farm on Eve. and Morn. Star formations. <G>)
A Dark Cloud simply signals that price has a poor chance of rising above todays highs without backing off abit first.
(Check out this commentary inre Dark Cloud Cover made on Fris and Mons.)
why.net

Also......take a look back to Sept. 10-11. There's a Gap there between 38-40 that is creating resistance and the reason why we've stalled just short of 40. Resistance at 40 also confirmed from lows of Aug 96, Apr, 97 and Jun 97.
(Sorry Tim, close but no ceegar.............Aw hell, what's a teeny among friends. I guess we gotta give you the "Prescience Prize" for your "40 by Fri. call". <GG>)
----------------------------------------------
Other stuff:
Stochastics- Both Fast and Slow above 80. 
                  Fast crossed over AND turned down. 
                  Slow just turned down/about to cross over.
Momentum-  Bearish reversal off a 9-bar new high.
ROC     -      "      "      "  "  "     "   "
OBV     -      "      "     "   " 5-bar  "  low.
MACD- downturn in MACD MA signals short term decline.


Soooo, it looks like the short-term top I've been looking for has been finished.
I'm still looking for an INTRADAY move to the gap at 35, BUT betting that it only goes there for a second and rebounds HARD.

LONG TERM ASND looks STRONG.
Price action has been strong and the Gap could remain intact, but I still think there's a good chance we will go there as MM's try to shake out some cheap shares on an intraday raid.
HOWEVER, I'm playing it by ear and will not be too stubborn about waiting for the gap to fill.

Have a good weekend mi amigo.

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