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Technology Stocks : International Rectifier (IRF) -- Ignore unavailable to you. Want to Upgrade?

To: marvin litman who wrote (945)	4/4/1998 8:03:00 PM
From: DanZ	Read Replies (2) \| Respond to of 1712

All, IRF held up very well after the earnings warning and it looks like a good buy right now. While I'm surprised that the daily support held and the stock didn't decline to the weekly support, I think this is telling us that it has likely bottomed. The lower daily bollinger band turned up a few days ago and the stock has successfully tested it four days in a row. I also like the fact that the stock has closed near the upper end its daily trading range the past three days because it indicates a willingness to carry positions overnight. The money flow has been very positive the last few days despite the fact that a single seller of 31,000 shares knocked the price down on the open Friday. I'd be willing to bet that this is the same person who showed up late Thursday afternoon trying to sell 25,000 shares at the asking price (12 1/4 at the time). As soon as they sold their stock at Friday's open, the stock rallied because there was very little supply remaining on the way up. There were several block buyers on Friday as well. I day traded some on Thursday and held part of my position overnight, then added more on Friday at 11 13/16. I didn't sell any on Friday. The support and resistance numbers that I posted the other day are still about the same although support is now rising. That's a positive. If the stock gets through 12 1/4, look for 13 as the next resistance area. For longer term investors, IRF is forming a triple bottom near 11 on the monthly chart and it's important that this area hold or we could see a pretty nasty move down. Dan