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| 6/16/99 Pharmacia & Upjohn (PNU)
Points to watch: PNU peaked in April, and then reversed, suffering a steep 1 month decline that was stopped by support near 51.75-53.5 (the 50% retracement of the 9/98-4/99 rally), a level which has provided support since December. The stock's two attempts to rally from the May lows were both stopped by resistance at 56.75-57.25 (the 38% retracement of the September 1998 to April 1999 rally). The stock has since returned to support. Additional support is provided by the 200 day moving average (now at 54.3) which has acted as support over the past year. a break below this support level would give a strong sell signal.
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