I still see more downside to LOG. reasonable support @ 1331 and next stop down @ 1243 ish. The high tail on Friday's candle suggested an attept to raise the price, but the close failed to reach the previous day's close by 2p, suggesting negative sentiment.
Wait and see.Nobody needs to try and catch the bottom on any tech stocks- they'll fly when they're good and ready so don't get burnt!
Wait and see.Nobody needs to try and catch the bottom on any tech stocks- they'll fly when they're good and ready so don't get burnt!
I'm with Martin on this one.........this stock is too risky to try to catch the bottom..........MM's will play with this one to lure you into false moves. There is enough movement in the price for profits once it makes reversal.
[Edited by Uncle on 25-02-2001 at 02:47 PM]
[Edited by Uncle on 25-02-2001 at 02:47 PM]
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I notice that TCY and RBI have both broken out to to the downside recently. As I recall these were among the first to drop way back in october when the last big draw down took place.
I need to see some positive confirmation before buying anything in the software sector.
No financial advice intended.
Darth.
I need to see some positive confirmation before buying anything in the software sector.
No financial advice intended.
Darth.
OK guys, i agree, caution must come first. If LOG does fall further on Monday i see 1200 as a very important psychological level and any subsequent bounce could be quick and substantial.
John's point on the MMs is dead right...this stock as been subjected to some of the biggest fluctuations, over the years, without any real reason...good news, bad news, anything that can be pounced on by the mischief makers.
Steve
John's point on the MMs is dead right...this stock as been subjected to some of the biggest fluctuations, over the years, without any real reason...good news, bad news, anything that can be pounced on by the mischief makers.
Steve
MM's encouraged good trading today, don't mind them when they are on my side. Bought at 1354 sold at 1415. Thankyou Logica - didnt fancy holding overnight - a profit in the bank and maybe we go again tommorrow.
Fancy a nibble at Autonomy too.
Good Luck
Cookie
Fancy a nibble at Autonomy too.
Good Luck
Cookie
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Has anybody noticed the morning star candlestick pattern that appeared a couple of days ago?
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Sorry for not elaborating in my previous note.
A morning star pattern is a 3 day candlestick which consists of a down day, a gap down with a small difference between open and close and then an up day that significantly penetrates the body of the first day.
Apologies of that is not pedagogically correct! But essentially this is a bottom reversal pattern similar those that you will be familiar with from traditional charts.
Morning star patterns are quite rare and especially significant when they occur around support lines.
Some similar evening star (top reversal) patterns recently showed for bhm and pon and prooved to be quite portentious.
A morning star pattern is a 3 day candlestick which consists of a down day, a gap down with a small difference between open and close and then an up day that significantly penetrates the body of the first day.
Apologies of that is not pedagogically correct! But essentially this is a bottom reversal pattern similar those that you will be familiar with from traditional charts.
Morning star patterns are quite rare and especially significant when they occur around support lines.
Some similar evening star (top reversal) patterns recently showed for bhm and pon and prooved to be quite portentious.
Gawd blimey Darf' in english me old mate.
Please be very careful with your chart felt decisions guys on anything TMT and especially telecoms related. Technical Analysis takes no account of the current markets fundamental influences and negative sentiment.
A chartists view on Psion this morning would have been futile.
Re: LOG - Daytrade only, too risky to hold overnight. Hope you got out on the right side Riz.
Good Luck
Cookie
Please be very careful with your chart felt decisions guys on anything TMT and especially telecoms related. Technical Analysis takes no account of the current markets fundamental influences and negative sentiment.
A chartists view on Psion this morning would have been futile.
Re: LOG - Daytrade only, too risky to hold overnight. Hope you got out on the right side Riz.
Good Luck
Cookie
quite right...
Quite right Cookie...As I keep saying this market is only good for intra hour/day trading...got out all right for +41 ..back in and out today for -22 this time...I traded 12 shares today...I was in good profit till early afternoon when I had to go due to an emergency...back 2 hours later finding profit gone all together -22 loss instead...should have closed them all before going out...but as I said it was emergency no time..still managed all right...so long as we don't hold any techs overnight in case of wolves hunting us around..
rizgar
Quite right Cookie...As I keep saying this market is only good for intra hour/day trading...got out all right for +41 ..back in and out today for -22 this time...I traded 12 shares today...I was in good profit till early afternoon when I had to go due to an emergency...back 2 hours later finding profit gone all together -22 loss instead...should have closed them all before going out...but as I said it was emergency no time..still managed all right...so long as we don't hold any techs overnight in case of wolves hunting us around..
rizgar
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Yes, the market is quite disgustingly difficult at the moment.
Unfortunately I don't have the time (fulltime job) to day trade or the confidence - I believe that if you can't win over longer periods of time then you have no chance day trading.
I do have some rules however - never trade against the trend - so some of these falling knives like MONI are not candidates for me to go long on.
I also trade stocks in trading ranges and with tight stop losses it seems to work ok.
I have to admit that whereas you can normally rely on pure TA it's usefulness is being stretched to the limit at the moment...
Still nazzy looks like it's starting a rally and tomorrow is friday. Things are looking up, maybe I'll get that rally I've been waiting for soon?
Happy trading,
Darth.
Unfortunately I don't have the time (fulltime job) to day trade or the confidence - I believe that if you can't win over longer periods of time then you have no chance day trading.
I do have some rules however - never trade against the trend - so some of these falling knives like MONI are not candidates for me to go long on.
I also trade stocks in trading ranges and with tight stop losses it seems to work ok.
I have to admit that whereas you can normally rely on pure TA it's usefulness is being stretched to the limit at the moment...
Still nazzy looks like it's starting a rally and tomorrow is friday. Things are looking up, maybe I'll get that rally I've been waiting for soon?
Happy trading,
Darth.
I agree with trading ranges strategy. I've been looking long and hard at weekly and then daily charts, picking ONLY those that are within a long term rising trend AND are close to resistance.If you want to be safer,maybe pick stocks that are in the midle of a range. Less likely to "drop through" support,but less reward.Look at BARC, RBOS as examples.
My new trading style works well with this one...got in and out in a few hours on Friday for +63...
This form Indpependent:
"...On the software side, both CMG and Logica have come under criticism that they too will be unable to escape the worsening telecoms environment. The valuation of both companies is linked to their respective high-growth telecoms businesses where they sell text messaging products. But both are adamant they will be unaffected, not just because text messaging is continuing to grow at a rapid pace, but also because mobile groups need to recoup their investments in 3G, and therefore need to find innovative ways of driving traffic and revenue..."
(no financial advice intended)
rizgar
This form Indpependent:
"...On the software side, both CMG and Logica have come under criticism that they too will be unable to escape the worsening telecoms environment. The valuation of both companies is linked to their respective high-growth telecoms businesses where they sell text messaging products. But both are adamant they will be unaffected, not just because text messaging is continuing to grow at a rapid pace, but also because mobile groups need to recoup their investments in 3G, and therefore need to find innovative ways of driving traffic and revenue..."
(no financial advice intended)
rizgar
It is prudent to issue a timely warning on LOG. A Technical Analyst called Paul Rodriguez from http://www.ThinkTrading.com appeared on Bloomberg TV this morning and picked LOG as a stock exhibiting classic BEAR signs. I have had a look at the chart and a crucial support level was breached at £14.03 on 22/2/01 when the stock closed at a new low of £13.25. It has bounced off that low to close at £13.71 on Friday 2/3/01. If price heads south again and makes a lower low then we could be in serious trouble. I have the next support level at £12.18. If price breaches this support level then shorters move in for the killing. Rodriguez says the stock is heading for £10.00 level, although he did not provide a detailed technical analysis to back his forecast. Nevertheless, I think 70/30 he could be right. This could be a good shorting opportunity but only if it falls and closes below next support. Of course, if the markets turn around and begin to recover then all bets are off and it could move higher but I think this scenario is about as likely as me winning the jackpot on the lottery tonight and retiring on monday morning. Chance would be a fine thing. Take care.
This is not financial advice, DYOR etc.
Tx
[Edited by traderx on 03-03-2001 at 12:32 PM]
This is not financial advice, DYOR etc.
Tx
[Edited by traderx on 03-03-2001 at 12:32 PM]