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| 5/21/99 Guidant Corp
(GDT)
Points to watch: Guidant tested and held
important support on Thursday but is likely headed lower. Technical indicators
continue to confirm the stock's decline over the past 2 months. OBV, which peaked on March
16th along with the stock itself, continues to head lower. Daily MACD gave a sell
signal on April 21st. Yesterday Guidant gapped below its February lows at 49-49.5
and closed below its 200 day moving average (48.28) for the first time since last October
29th. The stock tested and held the 62% retracement level (of its October-March
rally) at 47, but was unable to move back above its 200 day moving average. A close
below the support at 46.75-47 would be a strong sell signal.
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