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!
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.
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.
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.
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.
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.
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..