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Technology Stocks : Open Text

OTEX 33.67

-1.8%

Nov 14 9:30 AM EST

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To: White Shoes who wrote (338)	2/6/1997 11:32:00 PM
From: Michael Burry	of 1195

Geek, Technically, I would be wary about buying at 7.25. My TA tells me that if it breaks 7.5 it can fall a bit more to around 6 1/2. If it breaks 6 1/2, then next support is 6. Failing that the current uptrend will cease to exist and we may even look for a retest of the lows after testing support at 5 3/8. THis is all based on trendline and volume analysis. I'll be looking to buy again at around 6.125 myself. I shorted IBM at 149.25 today as a market hedge--hence I am worried about the market and I worry that OTEXF, as a profitless company, could be hurt badly in a significant market correction. What do you think? Mike

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