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8/10/99 Parker Drilling (PKD)
Points to watch: Parker
Drilling is breaking out of a base that it has formed over the past 5
months. After briefly retreating and finding support at its 55 day
moving average (3.55) on August 3rd and 4th, the stock has started to move
up. On Friday the stock closed above resistance at 4.31, the 50%
retracement of its October 1998-March 1999 decline. This level had
previously acted as resistance during rally attempts in January, April,
and March. Yesterday the stock closed at 4.94, closing above resistance at
4.75 (the 62% retracement of its 10/98-3/99 decline) for the first time
since last November 16th. Technical indicators continue to support
higher prices, daily MACD remains on its July 9th buy signal , and daily
OBV, stochastics, and RSI are all moving strongly higher. Weekly RSI
showed a positive divergence with price at the March bottom and is moving
higher. The next upside resistance is at 5.75-6.25, the October
highs.
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