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| 6/09/99 America Online (AOL)
Points to watch: AOL has traded near the 38% retracement level of its October-April rally (115.5) over the past 2 weeks. The 38% mark acted as support during March and April, and has acted as resistance on a closing basis over the past 6 trading days, a bearish sign. Other signals also point to a move to lower prices. On May 24th the stock fell below both its 55 day moving average (for the first time since breaking above it last October) and Gann angle support. Daily MACD gave a sell on 5/20. If the stock fails to move above the 38% retrace level, look for the next downside support at 97.75, and then at 80.
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