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12/16/98  Magna Intl (MGA)

Points to watch: Magna's October to December rally ended December 8 after failing to break through Gann angle resistance at 69.  During the stock's rally it was unable to make a sustained move above its 200 day moving average (now at 67.75). The 200 day M.A. has provided resistance since August.  Extremely strong overhead resistance now exists at 67.5 (the 50% retracement of the April to October decline on the weekly chart).  67.5  is the upper end of the gap created on March 12th .  Stochastics showed strong divergence during last week's rally peak and has given a sell signal.  CCI, MACD, and %R have also all given sell signals.   The stock broke below support at 64.75 on Monday and may be shorted below the weak support that exists at 62.125, placing a stop near resistance at 67.5.

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Last modified: April 02, 2001

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