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8/24/99 Southern Peru Copper (PCU)
Points to watch: Southern
Peru Copper closed at its highest level (15.81) since April 1998 yesterday
after it broke above resistance at 15.31, a level which had stopped
previous rally attempts in May and June. Both Money Flow and OBV are
rising sharply, and both daily and weekly OBV hit new highs on yesterday's
break. The stock is also benefiting from the metal industries return
to favor, as the relative strength of metal producers has begun to outpace
the broader market. We would wait for the stock to clear overhead
resistance at 16.38-16.68 (the 50% retrace of its 6/97-1/99 decline, and
the April highs, respectively), before buying.
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