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1/20/99 Hanson
plc (HAN)
Points to watch: Hanson fell below its weighted
55 day moving average on Friday. The 55 day M.A. had provided support during the
stock's September-December rally. On Tuesday HAN tested and held Gann support at
34.75 before closing at 35, just below the 38% retracement level of 35.2 . The 200
day (weighted) moving average at 33.55 and the 50% retracement level at 33.5 provide
downside support. Technical indicators continue to weaken. Daily MACD gave a
sell signal on 12/24, and remains in a downtrend. Weekly stochastics, MACD, and RSI have
given sell signals. Weekly OBV has turned down. Wait for a break below the 33.5
support level before shorting, placing a stop at 35-35.5 .
