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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Bill 49M who wrote (6197)	12/21/1998 6:45:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 27311

Bill, it part of my mantra "When TA and FA do not jive, believe the TA". And while it was not a macro head and shoulder pattern, where you get a major reversal of a long term pattern, it is the short term fractal image of a long term head and shoulder. You can see such warning formations even in daily charts of stocks. Of course the break of 7.375 (the place it bounce from earlier) was the major signal, but I got out on the open, before actualization of the break, because of the fundamental problem of admitted delays that the deletion of the January 27 date implied. I was more lucky then a good chart reader, mind you. Now the question is, will the stock bounce back from the area that served as overhead resistance on the way up? I am betting it will do at least a DCB, but my bet does not carry as much conviction as the ominousness (nice word, Bill) of breaking the neck... Zeev