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| 5/12/99 America West Holding
(AWA)
Points to watch: AWA's rally from its October
lows has been stopped 3 times at 22.5-23, the 62% retracement of its July 1998-October
1998 decline. The stock is also forming an intermediate term double top at this
level. Daily MACD and RSI both showed strong negative divergences with price during
the April swing high, supporting the negative chart pattern forming. Support exists
directly below at 20. On a break below support the first target is support at
16.5-17.75 (the 50% retracement level). Below this level, the next downside support
levels are 16 and 13.38. Upside resistance is at 23, then at 25.
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