PSFT - Fiscal 1998 - Discussion for the next year Message Board

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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year

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Oct 29 5:00 PM EST

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To: Melissa McAuliffe who wrote (1853)	8/23/1998 1:13:00 PM
From: GJD	Read Replies (1) of 4509

Re: "your statement that we can not determine if Friday was bottom" Friday action was definitely a reversal day. I did not say just because it hit 31 and bounced off this becomes a bottom. If you look at the long term chart, PSFT has great support in 31-34 area. The stock rallied from 31 support in January and it actually went back and tested that level today to make a double bottom. The Stochastics and Moving Avg. Conv./Div. confirms that this test was successful because of higher signal and the volume over 5 mil was highest in the past copule of weeks making this a climactic selloff in the morning. The fact that the stock turned before the market did was also positive. PSFT can of course see lower prices, if fundamentals deteriorate, but this is definitely a bottom formation.

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