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9/24/99
First Data Corp (FDC)
Points to watch: FDC
closed yesterday at 43.63 after hitting an intraday low of 43. The
stock is now sitting on support, 42.63-43.00, a level which it held on 2
previous occasions on August 19th and September 2nd. The stock's
downtrend looks like it has further to go. Daily MACD gave a sell
signal on August 19th, and weekly stochastics has given a sell
signal. RSI and MACD have shown strong negative divergences with
price over the past few months, and both Money Flow and OBV remain in
strong downturns. A sell signal would be given on a break below
42.63, but we would wait for the added confirmation of the stock also
moving below its 200 day moving average at 42 before acting. The
next downside support is at 39.25, a level which marked the 4/19 low and
also the 1/29 high.
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