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Technology Stocks : Newbridge Networks -- Ignore unavailable to you. Want to Upgrade?

To: pat mudge who wrote (4548)	5/18/1998 5:16:00 PM
From: Brett Nelson	Read Replies (2) \| Respond to of 18016

Ouch!! IMHO, we have closed on a key support level. Looking at the daily chart, NN hit resistance around $29 1/4 on 4/20-21 and again on 4/30 and 5/1. Since this area has acted as resistance in the past, let's hope it will now act as support. If we break lower, the next level of support is probably around $28 1/4. Given today's low volume and lack of news, I am not sure what to make of the drop . It could be that today's light volume (there were very few block trades) represented smaller investors' stop loss orders around $30 being hit. Once we passed below $30, there were a lot of small orders to sell coming across the tape. Perhaps this shake-out will pave the way for institutional money to step into the stock? Only time will tell... By the way, there is a whole lot of potential news on the horizon in that June is a big conference month (not to mention the fact that NN is releasing earnings). newbridge.com