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| 5/4/99 Telekom Indonesia (TLK)
Points to watch: TLK began a strong short term rally in March after forming a 15 month base. The stock closed Monday at 10, a level which acted as resistance on 4 separate occasions from February to April of 1998. Technical indicators favor a continuation of the rally. Money flow and OBV are both strongly positive, and daily MACD gave a buy signal on April 20th. Weekly RSI and stochastics are both rising. A strong intermediate buy signal would be generated with a break above 10. The first upside target is 11.5, a weak resistance level. The second upside target is 15 (the Fibonacci 1.618 extension). A break above 15 would lead to a testing of resistance at 19-22. Downside support is at 8.25.
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