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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year -- Ignore unavailable to you. Want to Upgrade?

To: gc who wrote (3202)	10/23/1998 12:33:00 PM
From: Melissa McAuliffe	Read Replies (4) \| Respond to of 4509

gc, I saw the support slightly above 15, however there is support above that level around 17 assuming the stock doesn't break through the most recent level around 19. When you or anyone make statements on this or other threads of the nature....management may deceive you but the charts never lie....you imply that you understand TA, how to read charts and that you can support your statement with details. If you had simply said there is support developing at this level, the next level is 17 and after that it's 15+, I would have no problem. So your conclusion that psft may go below 15 isn't based on the chart. It's based on your own thoughts about what you personally think the stock will do. The way support levels work are that they represent the level a stock either a) bounces off or b) goes through. The more times a stock hits a support level the stronger that support becomes. If it breaks through one level, the next level becomes the new support,etc.etc. Any stock in a downtrend "may" go lower...that's a fact of life. To Chuzz, Raptor, etc. who don't believe in any of this anyway....Please let's not have a discussion of TA being voodoo or whatever, ok? That's not why I wrote this. I wrote this because I really believe that all these threads would be a lot better if people didn't just shoot from the hip in making statements about what a stock will do without letting other readers know that's what they are doing. There's nothing wrong with saying "this is what I think based on my own feelings" which is essentially what gc said in his most recent post vs. the one where he implied that this was from his reading of the chart. If a person is going to base their statement on a chart then that person should state what the chart really shows. The charts shows there are a few support levels. If we go below the below the one at 15, then I'd agree we'll go lower. My own personal feeling is that I don't think this will happen,fwiw.