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4/30/99 Petroleum Geo Services
(PGO)
Points to watch: PGO has been forming a base
since last August. Over the past 2 months the stock has started to move to the up
side. PGO crossed above both its 21 day and 55 day moving averages in early March.
Yesterday the stock closed above its 200 day moving average (16.67) for the first
time since 6/11/98. The stock closed just below the resistance at 16.88.
Technical indicators remain very bullish. Weekly MACD gave a buy signal back on
10/16 and daily MACD gave a buy signal on 3/15. Weekly RSI and stochastics, and
daily stochastics are in up trends. CCI gave a buy alert on 4.22. A strong
buying signal would be generated on a move above resistance at 16.88-17.19 (the
January highs).
