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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Teri Garner who wrote (33273)	8/21/2001 12:06:53 PM
From: puborectalis	Respond to of 37746

Technical Breakout: F5 Networks, Inc. Boston, Aug 17, 2001 (MidnightTrader via COMTEX) -- In our last technical breakout on June 13 on F5 Networks (FFIV) we said we were encouraged by the break above $14.05 posted on Tuesday June 12. We added, however, that the stock needed to break above $15 to rally and confirm the upward trendline. On the other hand, we also said "the only concern is a gap left in the chart between $12 and $12.50." Well, F5 networks did indeed break $15 and managed to rise all the was to $19.20, but after reaching that level the stock began retreating, and on August 10 the stock finally closed the gap mentioned above. In the process of the latest declines the stock built a downward trendline and is now trading below the 50-day MA. However, with the gap finally covered the stock could once again begin the process for a reversal. Since closing the gap the stock has risen nicely and the money flow chart has followed suit. However, until the stock breaks above $15 we would remain very cautious about a possible recovery, since the bias remains slightly bearish. F5 has initial resistance at $14 and support below $12. Stock is down on light Island trading.