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1/6/99 Lycos
(LCOS)
Points to watch: A double top is
forming on the daily chart of Lycos. The stock needs to fall below 50.5 to confirm
the double top. LCOS has fallen below its 21 day moving average (56.49) and is
nearing 3 important support points at 50.1-50.5 (50.5-the low between the
November-December peaks; 50.52-the 55 day moving average; and 50.15-the 38% retracement of
the September to November rally.). Stochastics, RSI, and MACD all showed divergence
with price during the December second top. MACD is in a downtrend and has given a
sell signal. Aggressive traders should wait for a break below support at 50.1-50.5
before selling/shorting. Conservative traders should wait for the stock to break
below Gann angle support at 46.25 (Point B on chart). On a break below 46.25 look
for LCOS to decline to support at 35.16.
