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Technology Stocks : Newbridge Networks
NN 11.97+5.3%Nov 21 9:30 AM EST
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To: Peppe who wrote (6793)10/2/1998 11:49:00 AM
From: Doug  Read Replies (3) of 18016
 
Peppe: T.A says NO for following reason. The DOW had a climax selling followed by a rise without momentum. This usually suggest the rise was false. My earlier post indicated this. The primary down leg is now here.

Now that we are in a down trend, we are likely to retest the low. Because of -ve sentiment, the DOW could overshoot the low to the 7000- level. Thereafter if momentum increases on the up leg, it will signal a bottom. If this does not happen, we will hold in a tight trading range and wait for another trend line to develop.

Having considered the primary wave, we now can consider NN. NN is in limbo having made a new low yesterday. The next support is a few points below. I would have been more comfortable if it was close to a proven support.

Unfortunately,at this point the primary can exert an influence on NN
which suggest it can go lower.

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