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Technology Stocks : MRV Communications (MRVC) opinions? -- Ignore unavailable to you. Want to Upgrade?

To: Greg h2o who wrote (11487)	12/17/1998 11:59:00 AM
From: Bruce L	Read Replies (1) \| Respond to of 42804

<Do you really think being up to 5 7/8 or even 6, merits ANY words?> No, but trading above 6 1/16 IS a matter of considerable technical significance. First of all, yesterday (Wed) money flow yesterday was still negative -as it has been for the past 10 or more days. Tuesday we reached, but did not breach, support at 5 1/2. Wednesday we slowly ascended above 5 1/2 to close just over 5 3/4 on growing volume. By itself, it didn't mean much. But 6 had been a point of major support because back in September it had taken a long time to break that level. A basic principle of TA is that prior support becomes resistance; and vice versa. To easily get through 6, therefore, was very important. We have to close above 6 today, and I think we will, but added to this is the fact that volume has picked up again today. It's what I've said before: many people were watching this stock waiting for the decline to stop - and for an entry point. At this point we have no resistance until 6 3/4. IMO we will move quickly to 6 3/4; beyond that depends on your basic faith - or lack of same - in the integrity of this small cap company and its management. I happen to have that positive faith and therefore predict that just before or shortly after the January earnings release we will again challenge 9 1/2. bruce