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Non-Tech : Trading IOMEGA based on technical analysis
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To: Ben Antanaitis who wrote (1427)4/24/1998 10:27:00 AM
From: Ben Antanaitis   of 1511
 
All,

Some TA, based on the latest EZ-PnF point and figure chart for IOM.

After a 28% upleg in the last uptrend column ('X'), IOM paused and retraced 10% in a downtrend column ('O'). In any rise in price of a significant nature (28% is significant) a retracement of 30%->40% before resuming an upward movement is seen as a healthy sign. In IOM's case, with the current bottom at 8 1/4, it appears that 10/28 (35.7%) is right in the ballpark.

If IOM exceeds 8 7/8's, the current downtrend column ('O') will be reversed and the overall IOM uptrend ('X') will resume.

Based on point and figure analysis theory, and the current EZ-PnF IOM chart, the IOM price objective, base on the vertical count, is $11-5/8. Should this price be reached, the overall bearish trading channel IOM has been trading within since December '97 would be broken and IOM would begin trading in an overall bullish trading channel.

Ben A.
pipeline.com
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