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Strategies & Market Trends : Charts With An Attitude; Trading In & Out -- Ignore unavailable to you. Want to Upgrade?

To: James Strauss who wrote (4185)	12/2/1997 7:30:00 PM
From: Dave H	Read Replies (2) \| Respond to of 4701

Hi Jim & Linda, I'd just like to add that in terms of RECY's chart, there is nothing to be concerned about -- RECY's recent movements most probably are due to all of the factors Jim has mentioned, which also probably can be seen from a TA perspective as a reaction to the violation of the IL when RECY briefly went over 8 1/2 intraday on 11/23/97 (on that day Doug said the IL was at 8 1/2). I drew a trendline for RECY before today's open using the lows on 9/3/97-9/4/97, 10/20/97, 10/23/97 and this line today was at around 7 1/8. RECY looks like it bounced off this line nicely (I'll give the 1/16 since my trendline might be off). Since RECY moved right back to 7 1/2 and ended unchanged, I'd say this trendline seems to be providing strong support. Note also that the NASDAQ went down 1.5% today and RECY closed down 0% -- I'd say that's a sign of strength. Also, I drew a possible top line for a channel with the highs on 7/23/97, 11/5/97, 11/24/97. The line is at around 8 3/4 today. Interestingly enough this line is steeper than Doug's IL line, and will converge with it in the near future. I don't know what the implications are...perhaps a transition for RECY into a slower growth channel? The current one I outlined is moving incredibly fast. Well, that's my two cents on RECY -- looking forward to the earnings report! -dave