3SOF

Thanks fousc [applause],

agreed on the upper resistance at 2.50, that's our target, but looking at the linear chart, the ascending trendline holds all the way back to 1.03.  It looks like our technical target could actually be $3.97!!  now that'd be nice

We also seem to be hitting on minor resistance at 2.15 for now, so we actually have 3 resistance levels to get through before this breaks.  Lets hope the volume keeps up!!

Good trading 

Quote from: ScottishTrader on October 04, 2005, 10:38:52 AM
Thanks fousc [applause],

agreed on the upper resistance at 2.50, that's our target, but looking at the linear chart, the ascending trendline holds all the way back to 1.03.  It looks like our technical target could actually be $3.97!!  now that'd be nice

Scotsman,

When I drew the up trendline off the April low, I used the July low, and it didn't work. 

You skipped the July low and used the August low.  The September low at 1.85 violates your trendline intraday by about three pennies, but EGHT closed above it, and then rallied.  That's close enough in my book for a trendline validation.

Good eye!  Applause.

If we use the linear chart (use what woiks!) the top of the Falling Wedge is providing some resistance.  We've poked through it twice intraday, then sold off.  It's up in the high 2.20s, and the 200DMA is at 2.20, so that's got us stalled a bit.  The 50DMA and 200DMA also are inverted, so they're having time to right themselves.

A close above fousc's 2.30 (applause) would get us above the Falling Wedge on the linear chart.  The top of the wedge is over 3.00 on the log chart.

right, now I see the big picture

Didn't even notice the long term falling wedge before, and it looks like that is the resistance that is holding us back right now, and that EGHT needs to break through.  This could actually be more important than I thought, and a break of the descending resistance line and the 200 DMA should easily send us into potential breakout position of the ascending triangle.

Provided everything goes according to plan (like that will happen ) I think things are looking very good for EGHT

Nothing exciting goin on today but heres the updated chart for today.

-fousc

True,

But the upside resistance could be stronger than expected and the 200 MA and descending trendline definitely cam into play today.  Of course we are still all good, but it did raise a concern in my mind that instead of an ascending triangle breakout, we could have a symmetrical(ish) triangle on our hands that wit selling pressure could break to the downside.  However the ascending support line has been very well tested, and I find that unlikely.  Still, any sudden tank and a drop below that line should be considered an immediate sell 

Perhaps its because a few of my other trades did not go according to plan today, I am being pessimistic.  Tomorrow will hopefully bring an upside correction 

Enjoying this one with you fousc and Melf Elf, nothing like watching a technical trade work out, just gotta bide your time...

Hey guys,

well today was not ideal, but I suppose was to be expected.  In line with the movement within the ascending triangle breakout, the high on Monday near 2.27, caused a pullback, which may retest support, standing around 1.90 tomorrow.  However, on the plus side, we did get a bullish inverted hammer pattern today, which while it is low reliability, could signal a reversal without touching support.  Only tomorrow can tell.

I'll leave you with the chart, and by the way, Melf Elf, have a look at VWPT - is a perfect symmetrical triangle, and it is about to break.  Unfortunately, at least as far as I can tell, all indicators are totally neutral as to which way it will go.  But Definitely worth a look for tomorrow's open, as it has to go one way or the other VERY soon!

I'll update the thread there, but let me know what you think, Cheers 

the Scotsman

Quote from: ScottishTrader on October 05, 2005, 05:43:19 PM
Hey guys,

well today was not ideal, but I suppose was to be expected.  In line with the movement within the ascending triangle breakout, the high on Monday near 2.27, caused a pullback, which may retest support, standing around 1.90 tomorrow. 

Yeah, the market's been in a bad mood the past couple of days, too.   

EGHT held up pretty well for most of the day, then came off with just about everything else.  No excuses, though!  The up trendline has to hold on a closing basis, or I'm gone.  Using the trendline off the July low to give it the benefit of the doubt, since the slope is less steep than the trendline off the April low, it comes in today, October 6, at 1.897.

QuoteI'll leave you with the chart, and by the way, Melf Elf, have a look at VWPT -

I'll try to jump in on the threads, as time permits.  A problem that I've got is that I take too danged long trying to analyze and understand charts.

VWPT traded only 73,000 shares traded yesterday, and is priced at only 1.38.  I probably couldn't get an order filled on that one if I got on my knees and begged, so I'll pass on that one.

I begged a couple of times this week on WSCI, but they won't fill me. 
It traded only 54,000 shares yesterday.

Tuesday, for example, when WSCI printed 3.97,  BID 3.94...ASK 4.00,  I placed my order at 4.00.  LIMIT ORDER...ALL OR NONE.

Next quote....BID 4.09...ASK 4.19!!!

A bunch of jokesters.   

This trade has been about as exciting as sitting around watching our fingernails grow.   

I guess the good news is tha, during this general market selloff, EGHT hasn't broken support, but we're right there now, and EGHT needs to rally.

The Kumo (Cloud) on the Ichimoku Kinko Hyo chart has risen and has narrowed dramatically.  Often, like a narrowing of Bollinger Bands, that can signify that a sharp move is in the offing, like in early September, when the Kumo narrowed.

Additionally, trendline support for today is 1.917.  EGHT closed at 1.94, right in the narrow Kumo, and just above trendline support.

Looks like push is coming to shove.  Hopefully, a push/shove to the upside.  If we're trading near 1.917 (the up trendline) at the close and looks too close to call, I'll hold it and wait to see the actual closing price.

Hey guys, well we got a nasty sell-off today that broke our ascending trendline which is not nice 

A close of 1.86 does not look pretty, though there may be some support here.  In fact, looking at the chart, that downside break could signal a strong sell-off if we are not careful.

In general I'm not a happy camper.  I currently have posted 11 consecutive losing closes and I don't want to add more, but I will tomorrow if we don't see a bounce from here.

Hope everyone else has been doing better than me 

Quote from: ScottishTrader on October 11, 2005, 11:57:37 PM
Hey guys, well we got a nasty sell-off today that broke our ascending trendline which is not nice  

I bought at 2.06.  Sold near the close at 1.87 when it was apparent that we would close below the trendline, which was at 1.917.  Loss: 9.2%.

Quote
Hope everyone else has been doing better than me 

I think everyone has been having difficulty, Scotsman.  I know that I have, like with EGHT.  Even when I make good plays, like getting out of EPL and NASI at a profit, and then re-entering them at better prices, I'm still having a struggle.

QuoteIn general I'm not a happy camper.  I currently have posted 11 consecutive losing closes and I don't want to add more, but I will tomorrow if we don't see a bounce from here.

Applause for that refreshing kind of honesty!  Usually on message boards, NO ONE ever has a loss, which is one of the many things that I like about this forum, and the people who post here.  We aren't trying to impress each other, but rather, we try to help each other to learn and to do  better.

Keep your chin up, Scotsman, and don't get discouraged!     

melf elf. How many times must i aplaud you............jesus 

Sorry guys you can count me out of this one on a break of the ascending trendline but i'll still follow price action and keep posting on this board. Good luck to to anyone who is still holding im selling at the market open. I may be wrong but im cuttin my losses short.

-fousc

Big earnings report recently but not much movement?

Looks like another buying opportunity could be upon us. Price action broke down out of our initial ascending triangle only to for a new larger triangle formation. Earnings were released yesterday showing a 229% revenue increase over the year. Surprisingly we didnt see much movement from the news. The financials for this company are great, some day this stock is going to act on that fact.

8x8 Announces Second Quarter Fiscal 2006 Results
Packet8 Revenues Increase 229% Over Prior Year Quarter
10/26/2005 8:15:51 AM

   

   

SANTA CLARA, Calif., Oct 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- 8x8, Inc. (EGHT), provider of Packet8 broadband Voice over Internet Protocol (VoIP) and videophone communications services, today announced financial results for its second quarter ended September 30, 2005.

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Revenues for the second quarter of fiscal 2006 were $7.1 million, compared with $2.5 million for the same period of fiscal 2005 and $6 million for the previous quarter. The net loss for the quarter was $5.6 million, or $0.10 per share, compared with a net loss of $5.1 million, or $0.10 per share, for the previous quarter and a net loss of $3.7 million or $0.09 per share for the same period last year. Total revenues for the six month periods ended September 30, 2005 and 2004 were $13.1 million and $4.6 million, respectively. Net losses for the six month periods ended September 30, 2005 and 2004 were $10.7 million, or $0.20 per share, and $6.3 million, or $0.15 per share, respectively.

Total revenues for the Company's Packet8 VoIP service and related equipment sales increased to $6.9 million for the second quarter of fiscal 2006, compared with $2.1 million for the second quarter of fiscal 2005, an increase of 229%. Packet8 revenues for the six months ended September 30, 2005, were $12.6 million as compared to $3.5 million for the six months ended September 30, 2004, an increase of 260%. As of September 30, 2005, the Company had approximately 93,000 Packet8 subscriber lines in service as compared to approximately 73,000 on June 30, 2005, a 27% increase. The Company's cash and cash equivalents, short-term investments and restricted cash totaled $19.7 million at September 30, 2005.

"8x8 achieved a number of significant milestones during the second quarter of fiscal 2006," said Bryan R. Martin, 8x8's Chairman and CEO. "We launched our service in the UK under the freetalk brand with Dixons Group, one of the largest electronics retailers in Europe with over 1,400 stores in 12 countries. Also, the Uniden/Packet8 Whole House VoIP System debuted in our retail channel, and we developed and deployed new technologies and services that will expand the capabilities of our already proven E9-1-1 service in response to recent Federal Communications Commission actions. We continue to see the advantageous effects of developing and promoting our own standards-based VoIP technologies and platforms.

"Our revenues and subscriber base continue to grow as distribution channels for Packet8 services broaden and the adoption of VoIP matures in both the residential and business markets," added Mr. Martin. "During this past quarter, with the addition of new Uniden and Dixons Group channels, we expanded the number of retail locations where Packet8-powered services are available to more than 2,250 stores worldwide, an increase of more than 800%.

"Our quarterly loss reflects ongoing expenditures in support of our global expansion and the development of sustainable growth opportunities in new markets," continued Mr. Martin. "Operational execution, especially in light of our rate of growth, outstanding reliability and quality of service, feature differentiation and technological innovation remain organizational priorities for the Company."

-fousc

fousc,

I give you your 50th applause for catching that trendline.   

I wrote some comments about that earnings report, but it sounded too cranky, so I deleted it.   

Nice catch.  The market seems to be creating lower trading ranges on just about everything these days.