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4/6/99 Unibanco (UBB)
Points to watch: The chart of Unibanco is
looking increasingly bullish and the stock is nearing important resistance. Daily
OBV has been rising sharply since early February, and MACD gave a buy signal on February
26th. Yesterday the stock closed above its 200 day moving average (19.16) for the
first time since last July 24th. Overhead resistance exists from 19.88 (the Gann 1x1
angle from the 5/98 high which has acted as resistance over the past week) to 20.88 (the
38% retracement of the 5/98-9/98 decline, a level which acted as resistance in November).
A double bottom has been forming with lows in 9/98 and 1/99. The double
bottom would be confirmed by a move above 21, which would present a buying opportunity.
