Points to watch: Stock completed
head and shulders pattern over July-September time period (L, H, R on chart). Head marked
completion of Elliott Wave 5 up move. Weak rally attempt stopped at 50% fibonacci
retracement (of fall from right shoulder). Today's close fell below 200 day moving average
at 51.82, and 38% retracement level (from right shoulder) at 51.4. MACD signal line
continued downtrend during recent rally. Weak rally in RSI was stopped at 40. Short
below 38% retracement level (from August Highs) of 52.21. Place a tight stop slightly
above resistance at 55.
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Last modified: April 02, 2001
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