09-17-99 08:21 EST.

Good Morning Stock Fans!

Today's Play of The Day is: METROMEDIA FIBER NETWORK (NASDAQ:MFNX)

About Metromedia Fiber Network (NASDAQ:MFNX)

Metromedia Fiber Network (NASDAQ:MFNX) is building metropolitan fiber optic infrastructure in the local loop in strategic Tier One markets, enabling technologically sophisticated organizations to implement the latest data, video, Internet and multimedia applications. By offering virtually unlimited, unmetered bandwidth at a fixed cost, Metromedia Fiber Network (NASDAQ:MFNX) is eliminating the bandwidth barrier and redefining the way broadband capacity is sold. In addition to its current nationwide expansion in 12 major North American cities, Metromedia Fiber Network (NASDAQ:MFNX) is entering the international market with fiber optic network builds in Germany, the UK and Holland.

On September 9, 1999, (NASDAQ:MFNX) announced the completion of it acquisition of Above Net Communications, following approvals by their respective shareholders. On that day September 9, 1999, (NASDAQ:MFNX) was trading in a range of $31.31250 to $33.00. However since that time (NASDAQ:MFNX) has dropped considerably. Over the last 6 trading days since the completion of the acquisition of Above Net Communications on September 9, 1999, (NASDAQ:MFNX) has sold all the way down to a low of $25.3750 it hit yesterday September 16, 1999.

Looking at (NASDAQ:MFNX) chart pattern I see evidence that shows that shares of (NASDAQ:MFNX) hit at $25.3750 is as low as shares of (NASDAQ:MFNX) are going to go. The reason I am confident that (NASDAQ:MFNX) hit its low at $25.3750 yesterday is that, according to its trading chart, completed a downtrend in it's trading range because that is exactly the high that (NASDAQ:MFNX) hit on January 20, 1999, as it was ending what it's trading graph showed to be as an uptrend.

The fact that those 2 areas meet at exact points in (NASDAQ:MFNX) trading range shows me excellent evidence that shares of (NASDAQ:MFNX) have sold off on the completion of its acquisition of Above Net Communications and now have hit a low representing a great area to take advantage of what (NASDAQ:MFNX) chart pattern this is currently showing as the start of another uptrend that could, over the next 10-15 trading days take shares of (NASDAQ:MFNX) to perhaps as high as $34.1250 a share. Two companies (NASDAQ:MFNX) and Above Net Communications now trading as one in shares of (NASDAQ:MFNX) are indeed stronger together than they used to be apart resulting in higher prices upcoming.

"Swing Trade!"
KEY INDICATORS:
Buy Area: $25.8750- $26.50
Sell Stop: $25.1250
TARGET: $29.93750-$341250 (3-15 trading days)

More to come!
Stock Jock