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Technology Stocks : Applied Magnetics Corp -- Ignore unavailable to you. Want to Upgrade?

To: Gary Ku who wrote (10493)	11/28/1997 3:37:00 AM
From: Don Earl	Read Replies (1) \| Respond to of 12298

Hi Gary, Support has to hold at 16 and bounce to confirm the double bottom. Asian markets were up yesterday which should cause a rebound tomorrow. There are also economic numbers due out tomorrow that will affect the market. The tech sector is oversold and due for a correction. Stoachastics on APM are very low and indicate an oversold condition that should trigger buying and short covering. If support holds and forms a double bottom the gaps left in the low 20s should fill quickly. Look for the first level of resistance in the upper 18s. A double bottom should be strong enough to push through that with no problem, then a retest of 20. If it breaks through resistance at 20 a short term target around 22 should be possible. Regards, Don