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8/23/99 Inco Ltd (N)
Points to watch: Inco
has broken above resistance and is at a 2 year high. The stock broke
above resistance at 19.75 (the 38% retracement of its 3/97-8/98 decline)
on August 11th. This level had previously acted as resistance from
11/97-4/98 and again in May of this year. Since breaking out, the
old resistance level has acted as support on 3 occasions. The stock
rallied on Friday, closing above both its 1998 and 1999 highs, and looks
ready to move higher. Technical indicators remain positive, and have
confirmed the stock's rise throughout its rally. Weekly MACD gave a
buy signal in early April, and daily MACD gave a buy signal on June
25th. Daily OBV is rising, and its rise has recently accelerated,
with the indicator hitting a new high on Friday. The stock's rally
looks likely to continue. Downside support is ar 19.75 and 17.25.
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