|5/10/99 Gulf Indonesia Resources
Points to watch: 2 stocks to watch this week
which are both in strong uptrends and nearing important
GRL: The stock has
formed a solid bottom over the last 8 months. Daily MACD gave a buy signal on April 7th.
GRL closed on Friday at 11.5, after hitting an intraday high of 11.75. Strong
resistance is directly overhead at 12. Rally attempts in 6/98, 7/98, and 11/98 were
all stopped at this resistance level. The stock has formed sufficient strength
during its bottoming period to make a successful run at resistance. Downside support is at
10, which acted as support in 6/98 and 7/98 and as resistance in 11/98, 1/99, and
4/99. A buy would be generated with a break above 12.
TBH: Telebras has
been rallying since early March, after forming a double bottom. The stock has been
gaining momentum of late, and Money Flow is strongly positive. The stock closed at
99.5 on Friday. Resistance is at 101.75, a level which stopped a rally attempt on
11/27. A break above resistance at 101.75 would be a buy signal.