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Strategies & Market Trends : Chart Formations

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To: sean sanders who wrote (70)	6/29/1998 11:30:00 AM
From: mark bailey	Read Replies (1) of 967

I would like some thoughts from someone with more experience at chart patterns/TA than myself. I'm looking at the very interesting pattern that EFII has been forming over the last few weeks. It looks like one of 2 patterns: 1. Descending Triangle-with a target price of $11 to 13/share. 2. Pennant Formation-break to the upside, possibly challenging the most recent high of $28. The last stock I saw with this type of pattern was Nextel earlier this year. It looked like a Descending triangle and after the 4 th bounce (which is what EFII looks like it just completed), it make a strong run thru it's recent high before falling back. On a fundamental basis, with some modest assumptions on the recovery of sales, I had a valuation of between $21 and $28/share (made this estimate in December). I would be interested in others perspecitive. Thanks.

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