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10/04/99
Anchor Gaming (SLOT)
Points to watch: SLOT has been
building a solid base since bottoming in early March. The stock now
appears ready to move higher. Money has been flowing into the stock
over the past 6 months, with both weekly Money Flow and OBV rising
steadily over that time. Daily OBV's rise accelerated in early
September, and other indicators including stochastics, and RSI have kept
pace with the stock's recent rise.
The
stock gapped up last Wednesday, with the top of the gap at 55, a level
which had previously acted as resistance on April 21st and July
27th. The stock closed Friday at 59.69 after testing resistance at
60.5 intraday, a level which stopped rallies on 10/20/98 and 1/6/99.
A buy signal would be given on a break above the 60.5 level, with the next
upside resistance coming at 66. Support is at 57 (the 38%
retracement of the 5/98-3/99 decline), and 55. |
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