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Technology Stocks : Neomagic Corp. (NMGC)
NMGC 0.00730-43.4%Nov 7 9:54 AM EST
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To: R Stevens who wrote (1566)7/31/1998 4:57:00 PM
From: James Wright  Read Replies (2) of 3645
 
Here are my thoughts . . .

I have been buying NMGC at between 15 1/2 and 16 this week. My rationale is that 15 1/2 is the current lower support level for NMGC if you look at the chart.

That support level is confirmed twice -- 15 1/2 is around the area of the prior high, and it falls on the upward sloping line from the prior lows. Take a look and connect the dots -- the chart is very clean on this one.

NMGC has held very well at or above that support level for several days despite the market correction. Many other stocks, in contrast, have broken below their support levels on high volume and have started into periods of likely extended declines.

Given NMGC's relative strength and that the current support level is holding, I'm betting that NMGC will have a strong upward move once the general market regains its footing. We was evidence of this yesterday. However, if I'm wrong and the general market continues to head south and takes NMGC with it, there's not much risk with buying NMGC at current levels -- I always can sell for only a very minor loss if NMGC breaks below its support level of 15 1/2.

By the way, other stocks that are holding up well are CPQ and SIRN. Thier charts also look very positive for strong upward moves once (and if) the general market weakness shakes out.

-- Jim
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