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Gold/Mining/Energy : Magellan Aerospace Corp (MAL) New Listing
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To: thomas gentry who wrote (424)7/23/1998 2:10:00 AM
From: Steven Ivanyi  Read Replies (1) of 633
 
MAL is oversold in the sense that the three indicators I use MACD histogram is below 0, the slow stochasticis below 20 and the stochrsi is below 20. I like to buy stocks at support levels when the above situation exists. However, MAL has not demonstrated a support level yet. One support level is about $8, but because of the severity of the drop, I would not be surprised to see the stock go to $7 support level before actual support buying starts to come in ie the market is saying "We will not let this stock go below $7, period."

The problem sometimes with oversold stocks is that they can stay oversold for a long time, drift lower and lower with lower and lower volume. But I don't think this will be the case with MAL. It will find it's support level $7 or 8 dollars and then go up quickly to the $9 - 10 level, which is now the established resistance levels. Then at that point one can start thinking about shorting it.

Steven, I hope this helps you.
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