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| 3/30/99 Michaels Stores (MIKE)
Points to watch: Mike formed a double bottom
following its 7/98-12/98 decline with lows in December and February. The
pattern was confirmed with the stock's break above 20 in February. The stock broke above
both its 21 day and 55 day moving averages in February for the first time since last
August. Daily MACD gave a buy signal on 3/5, and daily RSI and daily CCI have also
given buy signals. Last Thursday the stock broke above 25 which had acted as
resistance since last September, and it broke above its 200 day moving average (now at
24.14) for the first time since August 26th. There is resistance at 27.5 which the
stock brushed against intraday yesterday before backing off to close at 26.88. Buy
on a break above 27.5.
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