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| 3/11/99 Petroleum Geo-Services
(PGO)
Points to watch: PGO has been rallying in
tandem with the rest of the oil services group. The stock is forming a double bottom
with lows in late-August 1998 and mid February at 11-12. The declines in both August
and February were stopped by Gann 1x4 support, increasing the chances that a final bottom
is in place. The stock has risen above both its 21 day (12.45) and 55 day (13.49)
moving averages. Daily MACD has given a buy signal, and OBV and RSI are rising.
Yesterday's move was stopped by minor resistance at 15.63. Stochastics is short term
overbought. Buy the stock if it breaks above January's highs of 17.13.
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