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8/30/99 Ames Department Stores (AMES)
Points to watch: The decline in the
stock of AMES from its June high accelerated last week. The stock
fell below its 200 day moving average on Wednesday for the first time
since last October. The 200 day moving average acted as resistance
on subsequent retests on Thursday and Friday. The stock closed
Friday at support at 32--a level which also provided support on Wednesday
and acted as resistance on January 11th and February 1st. A breaking
of the support at 32 would be a signal to sell, or short the stock, with a
first downside target of 29.63 (a level which acted as resistance in June
1998 and provided support in March 1999), and a second downside target of
25.5.
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