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| 8/3/99 IBM Corp (IBM)
Points to watch:
IBM closed below its 55 day moving
average 123.27) yesterday for the first time since it broke above it on
April 22nd. Additional downside support is at 121.13, the 62% retracement
of the June 2- July 13 rally. A strong sell signal would be given on
a breaking of this support level, with a first downside target of
110.25-112. Despite the stock's recent decline, it remains long term
overbought, trading 23% above its 200 day moving average of 98.85.
Weekly stochastics also remains in overbought territory, but has not yet
given a sell signal. Weekly RSI showed a strong negative divergence
with price at the July peak and is now in a strong downtrend.
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