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9/27/99
Roadway Express (ROAD)
Points to watch: ROAD closed on
Friday at 20.75, and is unchanged in today's first half hour of
trading. The stock has fallen below both its 21 day (21.77) and 55
day (21.31) moving average. Roadway survived a test of support at
20.31 last week, a level which also provided support on August 10th and
acted as resistance on June 8th. A short-term double top is
currently forming on the stock's daily chart, with peaks on July 26th and
September 16th. Negative divergences by MACD, stochastics, and RSI during
the second peak give the formation added significance. The double
top pattern would be confirmed with a move below support at 20.31. A
strong sell, or sell short, signal would be given if the stock breaks
below 20.31.
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