04/04/00 CMGI Inc (CMGI)
Points to watch: CMGI
fell 13.31 yesterday to close at 100, its low for the day. The stock
is now sitting at critical support at 100, a level that marked the 2000
low on January 31st. A break below current levels would confirm the
double top that has been forming on the stock's daily chart, with peaks at
163.50 in early January and 151.50 in March.
Long
and short term indicators continue to deteriorate: daily MACD gave a sell
signal on 3/27, daily RSI is at a new low, daily OBV has been declining
since the January highs, and both weekly RSI and stochastics have fallen
below 65 from overbought.
A sell
short signal would be given on a break below 100, but we would wait for
the added confirmation of a break of support at the 62% retracement level
at 92. Downside support would then be at 83 (the 4/99 high), and
71.9-75.3. Resistance is at 105.6 and 119.
