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

To: Zoro who wrote (13263)	4/29/1999 1:44:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 14631

What you are seeing is normal for a longer term basing pattern. Last move up was an attempt to break out into a new trading price level which it did not do successfully. These kinds of tests is the norm. What helps this along is the speculative element hat plays this stock when it moves up enough to attract attention. So do not be surprised of additional moves up that prove to be false moves. Instead, focus on new price levels that this stock is able to continue to trade at. Right now the longer term bias is up and the shorter term bias may still be down. We will see if it respects the 20 day EMA on the daily which is about the same place the 50 period EMA is on the weekly chart. A negative sign is that the key MAs on the weeks all now are pointing down. The price action has been in a triangle type consolidation. The key MAs on the daily chart are coming together. All signs of a move coming up in the very near future. I am not impressed with this stock's near term prospects for a move up. 6 3/4 and 10 and 8 are the prices to keep an eye on. The first two are significant support and resistance that once boken can lead to futher movement in the same direction. 8 is an important reistance that the stock must trade above that would demonstrate a higher trading range for the stock which willbe the effect of money coming into this stock. Bob Graham