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Technology Stocks : America On-Line (AOL)
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To: Luis who wrote (20755)6/7/1999 5:09:00 PM
From: Steeny  Read Replies (1) of 41369
 
Some TA: WE have closed above the 100dma for 2 straight days, but the inability to recapture the 25dma and to follow through on Friday's move is worrisome. There are now 4 distinct peaks since the early April highs, each one lower than the previous. This is a descending triangle formation and is considered bearish. To break out of this pattern, AOL must close above the most recent peak of 120 on heavy volume. Wouldn't be surprised to see a retest of the recent lows. Even if AOL moves higher from there, the speed from 105-120 is almost a gap and the buying may not be dense enough to support a major rally. Supports: 115(was strong until June 1), 105(recent lows), 95(dense zone begins).
Resistance: 120(recent peak),125(25dma), 135(50dma), 140(major peak).

Some very important inflation data this week and next. Triple witching is a week from Friday, and the Fed meeting at the end of June. Upside will be tough to achieve until much of the dust settles.
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