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Technology Stocks : All About Sun Microsystems
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To: Alex Chun who wrote (11559)11/4/1998 11:33:00 PM
From: Christopher  Read Replies (1) of 64865
 
Alex, A very good friend of mine is called Joe Chun. I am not sure
what the high tight flag means but I will tell you about flags. Pennants are different then flags but they have the same implication
on stocks. Flags normally slant against the trend and seldom slant in the same direction of the trend but they are still interpreted the same way. Pennants look like a small symetrical triangle. SUNW Created a flag during three days and with today it
has broken to the upside of the flag or created a pennant. Sounds
complicated huh? The results are the same wheither it is a flag or
pennant. Flag and pennant normally can be from three days to three weeks. When the stock goes up as strongly as SUWN has during October,
they normally pose and take a breather. This is usually manifested
by a flag or a pennant. It is a consolidation pattern before the
stock resume its trend.

IBD has featured SUNW because it has strong fundamentals and because
its weekly(as opposed to daily) chart has created what Bill O'neill
calls a Cup and a Handle. In TA we call it an ascending triangle.
This triangle started the October of last year and completed October
of last month. Ascending Triangle are some of the most potent chart
in technical Analysis. SUNW broke above the triangle the last week
of October. The projected move for SUNW is at least to $73 or more. Coors Beer created similar triangle and moved from $41 to $54 during the first three weeks of October. SUNW triangle is more potent then Coors. Currently SUNW has a support line arround $53. In worst case senario, SUNW could retrace to the $53 area and then resume and go to $73. This would be the case unless a very bad news(God forbids) comes
out and halts the move. For those who think that SUNW could go back
to $40, I say no chance. The support now is arround $53. Off course,
anything could happen but the likelyhood of that happening is very slim to nonexistent. SUNW should go up to its target with no problems unless something severe on the news comes out like I mentioned above.

Good trading to all.

Christopher
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