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Technology Stocks : Ampex Corporation (AEXCA)
AMPX 8.540-2.0%Dec 24 12:59 PM EST
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To: Ed Perry who wrote (4378)1/7/1999 11:27:00 PM
From: Carl R.  Read Replies (1) of 17679
 
Well then let's take it a step further and discuss why the fact that the stock spent a considerable time between 1.77 and 3.27 implies heavy resistance. Due to the large amount of stock that turned over at those prices a significant number of shares are currently owned with a basis in that range. Persons who have been holding for two years at a loss will be greatly relieved by the opportunity to get money back that they thought was lost. In many (most) cases they have long since given up the dream that AXC will make a huge profit for them, so getting the money back will be seen as a great achievement. Thus as the stock re-enters its old trading range, long time holders can be expected to exit, and it will take a very sizeable new group of stockholders to replace those leaving, so it will be difficult to get through that resistance zone. Granted some of the old holders have already sold for a loss, but many are still holders looking for a chance to get out.

I appreciate your adding detail to my analysis. I don't do detailed TA on most issues. Rather I got my resistance points from a quick eyeballing of the long term chart.

I for one am looking forwards to testing the resistance. <VBG>

Carl
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