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Strategies & Market Trends : Position Trading Forum
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To: HandsOn who wrote (2348)9/26/1998 7:54:00 PM
From: Nazbuster  Read Replies (1) of 7247
 
I don't follow PSQL but took a look at the chart. PEEUWWW! Near the alltime low for the last few years. What happened on the 18th to cause the big drop?

Doesn't look like it's through basing yet, just doing "dead cat" bounce. Tried to base between 8/31 and 9/11, but failed and dropped again with huge volume. Volume is diminishing while price climbing: bad sign. No acceleration of buyers. Stochastic not yet in heavy oversold area (<20%). Positive: MACD at recent lower low was higher than previous low. Fast line about to cross above slow line.(I think this is just reflecting the bounce off the bottom.)

This puppy was in a broad trading range from Apr94 to Feb98 when it broke out and climbed from 11 1/2 and reached 27 1/4 on July 17th. It likely has a lot of people in at higher prices who went through lots of ups and downs over history or the lofty prices more recently. Since mid 96, it ranged from 6 to 13 in general.

I think there will be a lot of people who have been burned by the recent highs that didn't hold. This is not a stock with a great history of going up and up. I think people will dump their shares when they get half an opportunity unless there is some special reason the future looks bright. Is there? If not, it has bounced up 50% from the low on 9/18 and has started down again with shrinking volume.

I think the cat is about the hit the ground again.
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