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5/28/99 United Technologies
(UTX)
Points to watch: UTX has been weakening over the
past week. Daily OBV turned down on May 11th. On May 18th the stock broke below its
55 day moving average (68.08) for the first time since rising above it last October 16th.
The stock's subsequent 2 day rally attempt was stopped at the 38% retracement level
(of its December-May rally) at 65.75. Daily MACD then gave a sell signal on Tuesday.
Yesterday the stock closed below 62.5 (the 50% retracement of its December-May
rally) for the first time since March, giving a further sell signal. This level had
acted as resistance in February and March. Upside resistance is at 65.75 and
67.63.
