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| 4/29/99 Ranger Oil Ltd (RGO)
Points to watch: Ranger Oil closed above its
200 day moving average today for the first time since last November 12th. After
bottoming in February, the stock began a slow recovery, and on 3/19 broke above its 55 day
moving average for the first time since November 17th. Technical indicators
confirmed the start of a new uptrend, with OBV turning up sharply in early March, weekly
MACD giving a buy signal on 3/12, and daily MACD giving a buy signal on 3/24. Today,
besides closing above its 200 day M.A., RGO also moved above the 50% retracement of its
7/98-2/99 decline. The stock closed today at 5.25, just below resistance at 5.31
(the 62% retracement of the 11/98-2/99 decline which acted as support last September and
as resistance in early January. A break aboe the 5.31 level would be a buy signal
with upside potential of 7-7.25.
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