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Technology Stocks : 3Com Corporation (COMS)
COMS 0.00130-87.0%Nov 7 11:47 AM EST
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To: Wayners who wrote (22928)10/19/1998 10:39:00 PM
From: Raymond James Norris  Read Replies (2) of 45548
 
.Short term channel for tomorrow is $31 1/4 to $34. I'm seeing $35 in the future now for COMS as defined by a longer term channel. Try connecting trendlines between lows on 9/1 and 10/8. Now connect a line connecting highs on 8/19 and 9/23.

Wayne:

Two points do not make a trendline. Channel lines cannot count as being 3rd or 4th points. The channel you have drawn is arbitrary and not true until the stock at least bounces off on more time off the support.

However, the short term channel is valid. It's lows are at 10/8, 10/14, and 10/19. The corresponding channel line has 2 points at the highs of 10/12 and 10/15. This one I think is valid and will dictate how far high or low COMS goes....until COMS breaks out above the channel, at which point it will only serve as support.

Conservatively Yours,
Raymond J. Norris
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