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Microcap & Penny Stocks : lcav
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To: Harry W. Lowe who wrote (274)4/22/1998 2:24:00 PM
From: Harry W. Lowe  Read Replies (2) of 942
 
To All,

LCAV is going through the necessary price pull back from the recent high price. At this time (3:00 PM EDT) the price high was $3.875; low $3.125; current $3 9/32; volume 439,400 shares. Short term technical analysis (TA) are in a sell configuration, intermediate and long term TA's buy-hold. Profit taking after an explosive breakout is good as it gives the stock a "pause to refresh".

The price pattern is forming an indecision flag which should be positive for a continued upside price movement. The recent price activity has successfully penetrated the overhead resistance at $4.25 (July-October '97'). The next upside price projections are $5.125 (5/21-22/97 high) and $6.25 (5/1/97 high).

The current Fibonacci retracement is 0.53. Price recovery from this low is a wave 2 projection 0f $5.25. However, if today's low continues to drop this projection will change. Example, if the price drops to $2.625 (Fibonnaci 0.618) and an upside projection of $5.75.

This is all theoretical of course and is made on the assumption that
LCAV will continue its upward trend. The key here is the volume which
should relatively low on pull backs and high with upward price movement.

For the present if you haven't sold on a short term trade basis, hold your long positions for the expected upside recovery.

Harry
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