PWR sellers look like a few straggling and impatient day traders, 431k traded, the chart now signals a handle has formed to what may be protracted rounded base ranging 8 to 10c untill FA dilution is clearer. PWR looks to be keeping higher lows next week promising for PWR sentiment likely to see a general market improvement as in US traded Tokio stocks today, July 4th shorts:
Tokyo stocks strong, techs lead gains 11:29, Friday, 5 July 2002
(Updates to mid-morning)
TOKYO, July 5 (Reuters) - Tokyo stocks were firm on Friday due to a technical rebound in recently battered tech shares such as NEC Corp <6701.T>, although they were below their highs by midmorning.
NEC Corp <6701.T>, Japan's largest personal computer supplier, rose 3.21 percent to 837 yen, helping push the benchmark Nikkei average <.N225> up 202.85 points or 1.91 percent to 10,835.66 as of 0115 GMT.
The capital-weighted TOPIX index <.TOPX> was up 1.03 percent or 10.64 points at 1,043.95.
"Frankly I'm pretty surprised by today's strong showing, considering the lack of market-moving news out there," said Minoru Tada, senior managing director at World Nichiei Securities.
"But tech shares have taken a real hammering lately and were due for a rebound," he added.
In addition, some investors were probably scrambling to cover short positions they took ahead of the U.S. July 4 celebrations based on fears of fresh extremist attacks, traders said. Such fears proved to be unfounded.
PWR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)