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Technology Stocks : Check Point Software (CHKP) -- Ignore unavailable to you. Want to Upgrade?

To: Chris Vu who wrote (2286)	5/2/1998 5:01:00 AM
From: Richard Jonec	Respond to of 7150

TO: THREAD I HAVE FOLLOWED CHKPF SINCE AUG. '97. AND HAVE APPLIED SEVERAL DIFFERENT TA TOOLS TO THIS ISSUE WITH SOME SUCCESS. IF THE PRICE DOES NOT TURN AT THESE LEVELS WE DO NOT HAVE REAL SUPPORT UNTIL THE 22 RANGE. HOWEVER, THERE IS SOME WEAK SUPPORT IN THE HI 24 LOW 25 RANGE.I HAVE ALSO USED FIB. RATIOS WITH SOME SUCCESS FOR FORCASTING TURING POINTS. IT HAS PROVEN TO FORECAST BOTTOMS WITH THIS ISSUE QUITE WELL WITHIN A FEW TRADING DAYS.(NO REAL SUCCESS WITH TOPS). USE AN OSCILATOR AND RSI TO ASSIST IN FINDING A TOP. WE SHOULD LOOK FOR A BOTTOM IN THE LAST FEW TRADING DAYS IN MAY TO EARLY JUNE. LOOK AT THE 27TH - 29TH OF MAY. IF WE TURN HERE LOOK AT RESISTANCE TO BE AROUND 32 THEN A RETRACE TO CONFIRM A BOTTOM IN THE LOW TO MID 20'S PRIOR TO A MAJOR TURNING POINT TO THE UP SIDE. HOWEVER, 32 WILL PROVIDE THE MOST RESISTANCE BEFORE THIS THING WILL GO HIGHER. THIS SHOULD PLAY OUT DUE TO A POTENTIAL MARKET CORRECTION IN THE COMMING WEEKS ONLY BECAUSE THIS WEEKS ACTION HAS PROVEN TO BE NARROW. MY REASONING IS BASED SOLEY ON THE 100 OR SO SMALL TO MID CAP ISSUES WHICH I FOLLOW CLOSELY HAVE NOT MADE MUCH OF A MOVE SINCE THE START OF THIS PARTICULAR RALLY.WE POSSIBLY COULD RETEST THE RECENT LOWS ON THE DOW OF 8800 IF THAT DOESN'T HOLD WE'LL SEE 8400 - 8500. NOTE FUNDAMENTALS ARE A MEASURE OF PAST PERFORMANCE BUT CURRENT PRICE ACTION IS USUALLY AN INDICATION OF CURRENT OR FUTURE FUNDAMENTALS. TA HAS SAVED ME FROM SOME SEVERE LOSSES. GOOD LUCK TO ALL.