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Microcap & Penny Stocks : ProNetLink...PNLK...Click here to enter
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To: RidgeRunner who wrote (17925)5/5/1999 10:46:00 PM
From: TsioKawe  Read Replies (2) of 40688
 
That is a cardinal sin to average down to soon, it is a mistake many make and takes away your leverages. A good rule to follow is do not buy a stock when it is consistently falling in price. Let the stock either fall to a base or the company announces an accomplishment that brings in buyers. It is much safer to purchase a stock that is moving up in price then down.

The stock is about to enter oversold territory, this is not uncommon after a spectacular rise in price. Stocks generally tend to see profit taking after they rise. Resistence was at 3 1/8th, the fall below that is bringing the desending triangle near completion. The next level of resistence would be on the bottom of the bollinger band about $2 1/8th. There are 2 likely scenarios which could occur here. The first being a continued downtrending triangle formation until the bottom band is reached or broken through generating a buy signal, or Another round of News releases which could bring a quick PoP to the price and pull the bottom band upward to the 2 1/2 to 2 3/4 range.

The Internet stocks mostly are all in a similiar pattern as PNLK is. Downward trending. Looks like the month of May maybe rough on the nerves if in the INut sector.

But of course I maybe totally wrong. <wink, Wink>

TK
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