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1/5/99 Fiat
(FIA)
Points to watch: Fiat has been in an
uptrend since bottoming in late September. FIA broke above Gann angle resistance (at
17.22) on its weekly chart and closed Monday just above weak resistance (18.1) at 18.25.
The stock is nearing 3 key resistance levels: the 200 day moving average at 18.81,
Gann angle resistance at 18.75, and 18.68 ( a point which acted as resistance during
7/97-9/97, is the top level of the gap formed in 3/98, and acted as support briefly
in 8/98.). Technical indicators are positive. Daily ADX has risen above 25
from a base formed between 10-15. The daily MACD signal line moved above 0 in
November, giving a buy signal. Both daily and weekly stochastics and RSI are in
uptrends. Daily and weekly CCI have given buy signals. Wait for Fiat to break
above resistance before buying at 19 or higher, placing a stop near 17.2.
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Last modified: April 02, 2001
Published By Tulips and Bears
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