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8/13/99 Olsten Corp (OLS)
Points to watch: Takeover rumours lifted
Olsten yesterday, with the stock breaking out of a 10 month long trading
range. The stock broke above its long time resistance level at 9.5
yesterday, the 38% retracement of its March 1998-October 1999 decline, and a
level which had acted as resistance last November and again in May of this
year. The stock looks ready to move higher, and both short and
long term technical indicators are strengthening, with weekly stochastics,
OBV, MACD, and RSI moving higher. We would wait for the stock to move
above yesterday's high of 10.94 before acting, while placing a stop near
support at 9.5.
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