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| 4/13/99 Aracruz Celulose SA
(ARA)
Points to watch: Aracruz continues its recovery
from last September's lows and closed near important resistance (16.63) on Monday.
The 16.63 level marked the 1998 highs, and has acted as resistance since mid 1997.
The stock moved above the 62% retracement level (of its 8/97-9/98 decline) at 15.7 on
Monday. Technical indicators remain bullish: MACD remains on its January 14th buy signal
and OBV gave a buy signal on 2/22. A break above the 16.63 level would be a buy
signal for the stock.
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