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7/19/99 France Telecom (FTE)
Points to watch: FTE has been in a downtrend since February, and fell below its 200 day moving average in May. Daily MACD gave a sell signal on 3/17, and other technical indicators continue to make new lows, with weekly stochastics, MACD, and OBV all heading lower. This morning the stock opened below support (73.56, the 38% retracement of its 12/31/97-2/1/99 rally). If the stock remains below support at the close a strong sell signal would be given, with a first downside target of the next support at the 50% retracement level (65.88).
