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10/01/99
Sonat Inc (SNT)
Points to watch: Since hitting
bottom in February, Sonat's stock has enjoyed an impressive
turnaround. The stock closed yesterday at a new 52-week high of
39.68, moving above important support at 39.38 (a level which acted as
support in February 1998). Daly OBV hit a new high yesterday, and weekly
OBV has been rising steadily all year. Money Flow also is
positive. The stock looks like a buy now, but we would wait for 2
additional confirmations before jumping in: we would wait for Sonat to
move above its 200 day moving average at 40.96, and for it to cross above
41.38 (the 50% retracement of its 5/97-2/99 decline) before buying.
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