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| 7/27/99 General
Electric (GE)
Points to watch: GE closed below its 21 day moving average (14.54)
yesterday, its first close below the 21 day m.a. since June 11th. The
stock is near 2 support levels: the 38% retracement of its 6/24-7/19 rally
at 113 11/16, and the 6/30 intraday high of 113. Daily OBV and
stochastics have turned down sharply, while RSI is in a downtrend but
remains above 50.
If the stock breaks below support at 113 and RSI moves below 50
we would be sellers with a first downside target of 108.7-109.5. If the
stock holds support and rebounds, we would wait for it to move above 117
7/16 (the 4/13 high) before entering on the long side, with a first upside
target of the 7/19 high of 120. |
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