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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: RoseCampion who wrote (40947)	9/14/1999 12:50:00 PM
From: MileHigh	Read Replies (1) \| Respond to of 152472

Rose, RE TA on 165, my take is this, say you bought 1,000 shares before the close on FRI at 165'sh. Then it gaps down MON AM, ouch, and you do not want to sell it at a loss. You are spooked pretty bad watching it fall to low 150's or all day. You are sitting at your desk all day MON peeing in your pants and you say to yourself, "As soon as this thing gets back to where I got in ($165'sh), I am out of this monster". Thus, IMHO, this why gaps down create overhead resistance. Many people are selling as soon as it gets to around $164-$165~ notice the churning on todays 5 minute chart at this level~ once these sellers are shaken out they will need to start raising the bid to induce more sellers to come out of the woodwork. Happy Hunting! MileHigh