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11/03/98 Bank of Tokyo-Mitsubishi (MBK) Points to watch: Completed Elliott Wave 5 down on daily chart. Stock broke up through down trendline (T,T on chart) and closed above upper bound of down channel. Closed above strong resistance (red "support" on chart). Moved above Gann angle support at 10.25 and fibonacci support at 10.5. Weekly RSI showed divergence at price lows. Weekly OBV has turned up sharply. Weekly CCI and MACD have given buy signals. Weak resistance exists at 10.95 (200 day moving average) and 11.5 (38% retracement of February-October decline). Buy, placing a stop near the 55 day moving average. |
