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Technology Stocks : IMRS racking up y2k contracts.
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To: paul e thomas who wrote (2415)4/26/1998 10:41:00 AM
From: giddy guru  Read Replies (2) of 3162
 
//gg//

Paul, Here is my two cents worth of technicals on IMRS.

On April 7th IMRS broke the upward trend line and fall below 37. During the next week, an immediate attempt to climb back above the trend line was failed. April 16 spinning top shows the indecision. On April 17, 21 and 22 the stock was just staying in the same place. A huge hammer on April 23 showed the trend reversal has been confirmed and predicted what's coming up. Confirmed by huge drop on April 24&25. The drop on April 24 was more bothersome since it pierced the 13, 26 week ema and went down all the way to lower BB.

In short, IMRS will make a bounce next week but doesn't have too much upside and will not make a new high in the short term. On the contrary, $25 support level will be challenged, if the whole market turns sour.

Market makers game will begin next week. Inventory accumulated during the last week slump will be exhausted at a higher price while simultaneously the stock will be shorted. The lift in the prices is also to suck in more call buying, which eventually will go waste during the May and June expiry. By July the direction will be dictated by more fundamentals, sector outlook and the overall market.

Of course, this is just my opinion. Interpretation of technicals may vary. Even if everyone concurs, technicals can deceive many times.

On my trading account, I went long on Friday towards the close.

/gg/
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