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Gold/Mining/Energy : PYNG Technologies

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To: the Chief who wrote (2193)	5/16/1998 2:45:00 PM
From: Ward Nicholson	Read Replies (3) of 8117

Chief: Hope you read the last release. See what TA says now about the direction! This is what I mean about event driven stocks, you never know when the event will occur!! Still sticking to my theory, how about you?? Although I did skim the news, I try not to mull over it because it interferes with one's technical judgement of a stock's action. I really can't speak to "events" as you use the term. What I do know is that my confidence grows daily, as does the probability, that PYT will fall through the $4 area right down to its next support level, $2.75. The recent price-action in PYT confirms my suspicion. On the last rally PYT did break $5, but could not hold its own and sold off to $4.85. On the ensuing drift in price, the $4.25 mark was hit for the 3rd time since PYT made its 52-week high. In essence, PYT's downtrend remains intact. It continues to make lower intermediate highs and re-tests of the $4 area support level. The probabilities are in favour of an eventually break-down of the $4 area support level and a drop to $2.75. Still sticking to my theory... PYT shareholders are sitting on a roof of straw. WN

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