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2/3/99 CEMEX (CMXBY)
Points to watch: One to watch in the
coming weeks. CEMEX has been forming a double bottom since September, with bottoms
in September 1998 and January 1999. MACD showed a divergence with price during
January's bottom. Money Flow, RSI, and stochastics are in uptrends. The stock
broke above its 200 day moving average at 4.89 on January 29th. On Monday and
Tuesday the stock briefly touched its 200 day moving average intraday for the first time
since falling beneath the average last July. CEMEX closed Tuesday at 5.64, just
above the 38% retracement of its July-September decline (5.58). A move above the
5.58 level will lead to a rally to the 6.5 level (the 50% retracement level) which CEMEX
failed to break through on two prior tests last October and November. A break out
above 6.5 would confirm the bottom formation. Wait for confirmation before buying.
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Last modified: April 02, 2001
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