SPIRENT (SPT) CHARTS & NEWS 2003

Negative Candidate (Short term) - Dec 29, 2003
Has risen 46% since the bottom on 13 Aug 2003 at 38.00. Has broken through the ceiling of a falling trend channel. This indicates a slower falling rate initially, or the start of a more horizontal development. Has had a strong fall after the negative signal from a double top formation at the break down through the support at 63.52. The objective at 57.01 is now met, but the formation signals further development in the same direction. RSI is, however, oversold. The stock can still fall further, and we should see an increasing RSI before this is used as a positive signal. The volume balance is negative and weakens the stock in the short term. The stock has marginally broken down through the support at p 56.00. An established break predicts a further decline. The risk is therefore high.