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10/13/99
United Technologies (UTX)
Points to watch:
Watch UTX for a possible shorting
opportunity over the next few days. During yesterday's selloff the
stock tested and held its September 28th low of 54.56 before finishing the
day at 55. The stock remains vulnerable to further downward
pressure, and yesterday's lows are likely to be taken out. Money
continues to flow out of the stock, with both Money Flow and OBV remaining
in downtrends (daily OBV has been falling since late April, and weekly OBV
has been declining since mid August). RSI continues to make lower
highs on each rally attempt by the stock.
We would short UTX if it breaks
down below its January 13th low of 53.43. If the stock fails to hold
the January lows, a quick trip to the next support at 49.38 is likely.
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