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

To: Ed Pittman who wrote (6219)	5/19/1998 3:11:00 PM
From: Ken Benes	Read Replies (2) \| Respond to of 10227

Ed: The last time we had such anemic action in nextel was just prior to the breakout to 34. This is the third day of much smaller than average volume. Nextel is sitting at critical 25.6 support level, which is just beneath the 200 day ma of 26.18. We are days aways from a move up or a move down. You can speculate all you want that the move should be to the upside with all the good news concerning the company. However, I for one never believed that we would be below 26 and nextel has not been as oversold as it has been for such a protracted period in a good while. This tells me the stock should be consolidating its position and getting ready to move up. The only mystery, I cannot imagine what will be the catalyst for an up move. Most of the good news is out and if that does not get the stock moving, you can make a case for a lower price for the short term. One last observation, I have not been able to monitor my screen all day, but whenever I have, it is obvious that the bids have outnumber the offers and the stock drifts down. This could be evidence of the mm buying up every share they can get their hands on in preparation for a reversal of the current trend. The lower volume is also beginning to indicate that most of the stock has passed to stronger hands and the mm attempts to take the price lower is not drawing out much stock. We are at a very interesting point. Ken