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| 6/03/99 Union Carbide (UK)
Points to watch:
UK peaked on May 21st at 56.88 and has since entered a steep correction. Daily RSI and stochastics both turned down sharply on 5/25. Last Thursday the stock broke below up trendline resistance (drawn from the February lows), and yesterday the stock closed at its 55 day moving average (50.1). The 55 day moving average acted as support throughout March. Additional downside support exists at 49.38, the 38% retracement of UK's February-May rally. A break below this level would be a strong sell signal, with the next major support near the 200 day moving average and the 62% retracement level from 44
to 45.
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