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Technology Stocks : FORE Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Paul A who wrote (7178)	1/16/1998 11:50:00 PM
From: Ed Frye	Respond to of 12559

Trending down? Not yet. What I see from the charts is a stalemate at the 30 WMA i.e., we are in a holding pattern or trending sideways, as we approach earnings date. The trend could easily turn down but as of yet there's no confirmation of a downtrend. Candlesticks show dojis galore at 30 WMA = Major Resistance. Multiple dojis after an uptrend, especially at a major resistance level, is indicative of a likely end to the uptrend (=sideways or downtrend). A downtrend would need cofirmation in the form of a down day. Today possibly marked the beginning of an uptrend. Although resistance held both thursday and friday, thursday included a significant price reversal but today did not. Buying and selling remained balanced today @ 30 WMA even when volume was as high as 600,000 shares/hour! The inability of the bears to knock FORE down today COULD signal THE turning point in this monumental struggle between the traders and the bulls. Maybe Igor could furnish us with his opinion on the positions traders were in today. My guess is most "reversed" late yesterday and did not sell today. This would be bearish and would negate my turning point theory. On the other hand, if the big $$$ traders sold today or reversed again, it would be bullish, because their reversals failed to drive the market down and now they have to cover.