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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: donald sew who wrote (22792)	6/17/1999 12:04:00 AM
From: Dennis J.	Read Replies (1) \| Respond to of 29386

Don. I don't know Fibbinocci technicals at all. P&F shows the stock running from 6 to 12, then reversing to 8, and then climbing straight to 16.5, pausing for a few days, and running to 19.5. When a stock retraces to 16 for a few moments, and goes back into the 17+ range, I have a hard time believing that qualifies for much of anything. Stalling at resistance which was once a battle of supply vs demand is logical to me. Once resistance is broken, it tends to act as support. Looking at the p&f chart, the next downleg would need to break double bottom support by reaching 15.5, and a second DB break at 14.5. Think of it as a triple-bottom at 15, very significant support, and a break would be bearish, and not just a retracement. So I see ANCR testing and finding support (buying interest) at 15-ish, then reversing back up towards new high ground. All as I see it, and I could be wrong. Dennis