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9/22/99 Harrah's
Entertainment (HET)
Points to watch: Harrah's has
now made up all of the ground it lost during its April-October plunge last
year. The stock closed yesterday at 26.25, just below its April 30th
1998 high of 26.38. The 26.38 resistance level holds additional
significance because it also marks the 38% retracement of Harrah's
February 1994-October 1998 long term decline. The stock looks likely
to move higher, and technical indicators have continued to confirm each
higher move by the stock. Weekly OBV hit a new high yesterday, and
has been rising since February. Weekly MACD gave a buy signal on
4/11, and daily MACD gave a buy signal on August 18th. A strong buy
signal would be given on a break above 26.38. Support is at 24.75
and 23.5.
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