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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: jeff wheatley who wrote (29726)	1/8/1998 5:00:00 PM
From: vegetarian	Read Replies (1) \| Respond to of 61433

>>How does ASND's chart seem to you these days? If it were not for the blip to 30 that we saw on takeover rumor in December, I would say the chart was forming a bottom and consolidating. But looking at the chart as it is, it has fomred a descending triangle with demand (support) line at 24.5 which is a bearish formation (the triangle begins in mid October at 35). ASND should take 30 out on this upswing (before it starts to go down), then it would be out of the descending triangle; otherwise, it will break its support at 24.5 and has 10 points potential downward move to about 15. The current price is at about its 50 DMA and it has some resistance there. I would watch the price movement carefully in next 2 weeks but would NOT buy at this time. The market conditions are not too good to be supporting an up move. ALso if ASND breaks out of the descending triangle, the upside is upto about 35 where it will consolidate for a long time before the next break. Those are my 2c.