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Technology Stocks : RCN Corp. (RCNC) - Voice-Video-Internet -- Ignore unavailable to you. Want to Upgrade?

To: SteveG who wrote (266)	3/12/1999 10:03:00 AM
From: jas cooper	Respond to of 720

Sounds good to me. Would surely cure a bad week for me if RCNC closed at $41 today. jas.

To: SteveG who wrote (266)	3/12/1999 11:22:00 AM
From: BostonView	Respond to of 720

As M. Gabelli would say, we're getting two businesses for free! No wonder he's a big holder of RCNC! Thanks for the post. Bv

To: SteveG who wrote (266)	3/12/1999 4:31:00 PM
From: jas cooper	Respond to of 720

Gee! I must be an idiot because I thought it was that Merrill report that had a lot to do with today's price rise. Obviously, I got it backwards: The Trader Mar 12 1999 2:55PM CST Archives... RCN Corp. (RCNC)-- Breaking Above Resistance to New High Territory by Mark W. Draud Sr. Investment Research Analyst I ran a a simple ProSearch screen that was highlighted in a Screenplay article called "Stocks Breaking Out to New 52-Week Highs/Lows" to find stocks that are making new 52-week highs. The ProSearch criterion used to find these breakouts is called "High/Low Breakout 52-Week", found in the Technical criteria section of ProSearch. A stock that stood out because of its breakout above resistance and its extraordinary volume today was RCN Corp. {RCNC}. According to Market Guide, RCNC "is developing advanced fiber optic networks to provide a wide range of telecommunications services including local & long distant telephone, video programming and data services." Its market capitalization is about $1.7 billion. Let's look at the graph for RCNC. The stock made its October low at 9-1/8 on the 8th. It rebounded from there, and got as high as the 30 area in late January. RCNC fell back to the 23 area, but started moving on March 4 and today it broke above the resistance at 30. At this writing (late in the session) it is up a fat 4-1/8 at 30-3/8, on over 2.3 million shares. It's been as high as 31-1/16. Today's volume is a gigantic 530% of its average trading volume of 446 thousand shares. As I've said many times before, you want to pay attention to the technical breakouts (gaps, above horizontal resistance, above moving averages, new highs, etc.) with good volume, because they usually lead to more upside price action.