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| 7/29/99 Tower
Semiconductor (TSEMF)
Points to watch: TSEMF has been building a base for the past 10
months, trading in a range between 6.25-10.75. The stock has begun to
show signs that it is ready to move higher. Technical indicators
continue to strengthen: weekly stochastics showed a positive divergence with
price on the second bottom and is rising sharply, daily MACD gave a buy
signal on 6/15, and weekly OBV turned up sharply in late June. The
stock closed yesterday at 10.5, after an intraday test of resistance at
10.75 (the 12/3/98 high). a move above the 10.75 level would complete
the double bottom which has been forming, giving a strong buy
signal.
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