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Technology Stocks : Open Text

OTEX 34.28

-1.5%

Nov 13 3:59 PM EST

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To: White Shoes who wrote (402)	2/23/1997 11:06:00 PM
From: Michael Burry	of 1195

<<Any of the technical gurus want to make any comments on the chart?>> No guru, but I'll take a shot. The 50d MA just crossed above the 200d MA -- bullish. After basing along the 200 d MA, the stock price has definitively moved above it on decent volume -- bullish. The weekly 12-26-9 MACD continues its tremendous bull run (it has been bullish since early October). By trendline analysis/support-resistance/MA this one has tremendous support back around 8 1/8. You are right when you say this one could easily retrace a point or two. But that would only bring up a buy opportunity with a quick sell stop if necessary. It could also catch some momentum players and rocket up quickly given the chart and some good news. Next overhead resistances at 10.5, 13.25, ~15.5, ~17.375, 20.5. Some of these are stronger than others. We've just cleared a significant level at 9 3/8. I had sold 60% of my stake to take some hedge positions against the market and because we had been just under that 9 3/8. I would buy back in with a short stop again given a solid retracement here. If such an event happens, I'll post it. Good luck, Mike

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