Eclipse Surgical Tech (ESTI) Message Board

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Biotech / Medical : Eclipse Surgical Tech (ESTI)

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To: Pullin-GS who wrote (41)	5/19/1998 9:54:00 PM
From: Pullin-GS	Read Replies (2) of 103

It looks as if the shorts will finally get their pay day. Some TA for today: Average volume has declined significantly since ESTI's initial run, and has since continued it's decline in a slow downtrend as indicated by the Volume-21EMA. I would have expected that selling would have followed weeks ago, but this has just not happened....at least up until last week. As always, price does eventually catch up with volume. Very Bearish. Up until last Thursday ESTI was able to maintain a lateral trend (albiet with declining interest....go figure). On Thursday close it edged out of it's 11 7/8 21DMA support line and has since continued its sharp decline to today's close at 10 3/8. It appears that we may have a trend reversal on the downside in progress. Trading has broken below both the 21DMA and 50DMA. MACD-Histogram is declining at a 5 week low. Bearish. ADX/-DI/+DI Directional System is broken at the moment, with ADX trending below both -DI AND +DI, +DI being at a point where it will cross below -DI tommorrow. Very Bearish. RSI is in a death-spiral, closing today below the lowest low that RSI has seen since before the ESTI's recent run (mid January). Very Bearish. The eastern chartists will be getting a major Candlestick reversal signal today with the advent of a "Three Crows" chart pattern. Bearish. Bollinger Bands signaled a very important collapse below the lower envelope support line of 10 11/16. This is the first time this has happened since ESTI's initial runnup. BB has widened to swallow the new lows where support is now pegged at 10 3/8. Very Bearish. Smoothed Rate of Change (S-RoC) signaled a bearish reversal on Tuesday. The reversal has since been confirmed in a strong way. Bearish. Ultimate Oscillator gave a bullish divergence on Monday, but the divergence failed to follow through with an up day. Cancels out....bogus signal. I am showing warnings of a long overdue momentum shift in ESTI trading that could eventually bring new lows sooner than later. Support is pegged at 10 1/8, with about 3.5MM shares of overhead there. This would imply that it would take quite a few trading days to breach it.....but if we do touch support I expect selling to commence in earnest thus bringing volume levels back up to those ESTI has not seen since it's run to 10 some time back. If the downtrend continues we could see low 9s in a matter of days.

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