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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)
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To: Craig Rogers who wrote (16871)5/14/1998 7:44:00 AM
From: R. Bond  Read Replies (1) of 31646
 
Craig,

Take this from a novice chartist:

The action you refer to was short covering from the high and area around 14. At which point a long position was taken. TAVA was sold and shorted again near 14. Covered between 13 and 12. Sold/shorted again at and above 14. The stock was accumulated this month to be sold out and shorted again above or around 14. TAVA bounced off a trendline at yesterday's low. It closed just below the next line, only down 1/16 on the day. I think the shorts may have been covered and positions taken. The bulk of yesterday's volume was at the lows and the stock closed with a move up on increasing volume.

The stock doesn't go much above 14 because it's being shorted. Plain and simple. IMHO. Judging from yesterday's volume action, I think the MM's may have accumulated enough for a breakout above the high. But maybe they're more greedy than that.

Best of luck,
Bond

P.S. But don't forget I read my charts sideways while watching TV.
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