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2/22/99 Warner Lambert (WLA)
Points to watch: WLA hit an all time high
last July. In November, the stock approached its old highs but was unable to break
above them. The stock has been trending down since late November and has broken
below important support levels this month. WLA has moved below its 21 day (69.94),
55 day (72.17), and 200 day moving averages (71.05). The stock has fallen below its 55
week moving average and below Gann angle support (67.5). Money Flow is negative, and
OBV has turned down. MACD has given a sell signal. Warner closed
Friday at a Fibonacci support point of 63.43. The stock may be shorted on a break
below this support level.
