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1/14/99 Penske
Motorsports Inc (SPWY)
Points to watch: Penske's September-January rally
ended on January 6th when the stock was unable to break through resistance at 29 (the 50%
retracement of its 3/96-9/98 decline, marked on chart as "resistance"). SPWY has
since fallen below its 200 day moving average (27.44) and 21 day moving average (26.65).
On Wednesday Penske fell below an up trendline (26.13) drawn from the 9/9/98 lows
which had held on 3 separate tests. Weekly stochastics has given a sell signal and
daily RSI has entered a steep downtrend falling below 50. The stock closed on
Wednesday just above its 55 day moving average (24.97). Wait for a second straight
close below the rising trendline, and for the stock to move below 24.63 (the 38%
retracement of the September-January rally) before selling or entering short positions.
Place a stop between 26.13 and Gann angle resistance at 26.96.
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Last modified: April 02, 2001
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