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| 7/01/99 Peoplesoft Inc (PSFT)
Points to watch: One to watch. Since bottoming in April, the stock has been making a slow but steady move upward, with an up trendline drawn from the April lows providing support on 3 occasions. The stock's upward push ran into resistance in early June and again in late June at 17 5/8 (the 38% retracement of its January-April decline). A developing ascending triangle, formed by the up trendline and the 38% retracement level, combined with strengthening technical indicators continues to support a move higher. Daily RSI is rising, with higher lows on each down swing, and weekly RSI is rising and showed divergence with price during the April price lows. Weekly stochastics gave a buy signal last week. A break above resistance at 17.63 would give a buy signal, with stops at the up trendline (now at 16).
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