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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: Ed Perry who wrote (7235)4/14/1999 11:14:00 PM
From: stan s.  Read Replies (1) of 17679
 
Hi Ed, a few quick points. I yield to almost anyone on this thread with regards to AXC and the rapid developments therein (i.e. news releases etc.). I don't follow AXC closely.

However I have found it to be fairly predictable at times within the context of these recent moves.

Significant news or rumor outweigh any TA I've presented and I've couched my comments within that framework. I think I've made it clear that I don't yet see any significant damage to AXC's chart....my posts merely convey what appears to be happening IMO.

But...AXC has struggled these past two days with significant intraday weakness. When it engulfs the previous day negatively...essentially swallowing the previous day with a higher opening and lower close it is always worthy of note, particularly when in the midst of some difficulty during a rally.

This is very similar to January 29th and I find the ease of movement in both rallies to be the same. Sans news was the opening phrase in my previous post and I reiterate that without a news burst a test of support is likely. Without referring to the charts 5 3/8 then 5 1/8 seem likely support on a closing basis. Failure to hold will likely send it to Michael's scenario.

My earlier comments this morning cast AXC in a very bullish light, with a very bullish outlook...but without news or rumor it appears headed for a short pullback
which becomes a plus if it follows the pattern outlined.

Good luck,

Stan
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