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Technology Stocks : Ampex Corporation (AEXCA)
AMPX 10.82+0.8%Nov 26 3:59 PM EST
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To: stan s. who wrote (7231)4/14/1999 9:55:00 PM
From: Ed Perry  Read Replies (2) of 17679
 
This spike time round, I do now see much downward drift - yet. Sentiment for AXC is much too strong. This strong sentiment will trip up a TA approach.

Prices are moving up forcefully with only minor intraday pullbacks. Also, during the last three days, on 7 separate occasions, price appeared to breech the 7.00 level and then fell back. An old saw: "If prices look like they can't go through a certain level, then they most certainly will".

Overall, look how easily prices have moved in the last eight trading days, mostly on good but not enormous volume. Compare this spike movement to both the price and volume patterns which prevailed in January's spike. That other had to labor much mere forcefully.

Current sentiment is buoyed by an emerging awareness of the new Ampex. Soon there will be both the exposure of the NBA expo, the Chairman's annual letter and then probably, in rapid order printed media coverage and Analyst following. These events will start in three trading days. This expectation will likely be further priced into the share price.

After full coverage of the media events, then I can understand a pullback to some support level somewhere in the 6 to 8 range. However, that is above where we presently are.

Ed Perry
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