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Technology Stocks : IFMX - Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: Gene Lee who wrote (11943)	9/22/1998 9:28:00 AM
From: P.E. Allen	Read Replies (1) \| Respond to of 14631

If I am not mistaken, IFMX just traded at $5.12 in the before market at 9.:09. this may be the start on our rise to $7.00. JMH&EO

To: Gene Lee who wrote (11943)	9/22/1998 12:31:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 14631

IFMX has been ready for a pullback which I see has started today. What is important is there it will close out at the end of the day. A five day intraday chart shows 4 3/4 as an intraday resistance that has been in standing for that period of time. So the stock can pull back at least to 4 3/4. The interday chart shows support between 4 1/2 and 4 3/4 due to its 20 day EMA, with another minor support at 4 1/4. We can gauge the buying interest by how much this stock is allowed to move down before it encounters buying. At this price level, a one point dip is a price drop of 20% in value. On the other hand, the price does not have to move up to encourage short covering due to the percentages a movement would represent at this price level. This is why I thought it was important to note the continued short interest in this stock. I am not saying the stock will move up from here and induce short covering in the near future. But for stock at prices this low, this possibility needs to be considered when the price of the stock continues its move up. Of course this depends on what price allot of the short positions were taken. IFMX is starting to show buying interest. So I think this stock will move up again to challenge 5 after this current down leg. I will check the tape to confirm what I see on the chart. Bob Graham