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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: George Dawson who wrote (4522)	2/2/2005 6:51:29 AM
From: Vendit™	Read Replies (1) \| Respond to of 8752

Good morning George and welcome to the thread. QLGC has an extremely bullish looking chart which shows a break-out as of yesterday in the 90 day time frame. One can assume that old upper resistance should now become new lower support. That level would be the top of last Thursday’s high or 38.96 to be exact. Normally when a resistance point is broken it is normal for a test of that point to occur before the stock can move higher. 139.142.147.218 Just as a precautionary measure I like to look at every conceivable scenario to I pulled back to a one year time frame to have a look: 139.142.147.218 Please note the large GAP at $40 on the left side of the chart that occurred March of 2004. There is also a heavy line of resistance there. Gap theory states that gaps get filled and in the case of QLGC it took almost one year but the theory proved it self correct. The other thing that the gap theory states is the a stock will encounter heavy resistance at the point of the gap ($40) so don’t be surprised if this 90 day bullish chart turns a bit hesitant for a few days as it tries to move above the gap at $40. Reid