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8/16/99 Basin Exploration (BSNX)
Points to watch: Basin
Exploration set new all time highs on Thursday and Friday and appears
ready to move higher. The stock broke above resistance at 23.31
which had stopped previous rallies in November 1997 and April 1998.
Technical indicators remain strong: daily and weekly RSI, MACD, and stochastics
continue to move higher, while weekly OBV hit a new high on Friday. We
would buy on a move above Friday's high of 25.25. Downside support
is at the former resistance at 23.32, and at 19.88 (the up trendline drawn
from the February lows).
