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Non-Tech : NovaCare Employee Services (NASDAQ:NCES)
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To: Dave who wrote (249)2/26/1999 11:03:00 PM
From: Todd D. Wiener  Read Replies (4) of 376
 
Dave-

After having a ceiling at $6 for 4 months, NCES made the best breakout attempt yet this week. The chart suggests that some large institutions were sitting on the stock, selling shares above $6. That's probably why it never got much above $6, except on high volume. Once the overhead supply is exhausted, the stock will breakout. This happened Thursday, to some degree. There may be some more volume needed between $6 and $7, but the new resistance is around $7, I believe. If you look at the volume this week, you'll see that 75% of the volume came on up days, and 75% of the movement this week was up. That's undeniably bullish. So I think next week could be a good week, perhaps reaching $7 again. It's nice that the Russell 2000 outperformed the other indices today.

Todd
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