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RE: Hans



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Guy,
     I agree with you on FTL.  I have it on my watch list.  Our channels are 
slightly different since I use Candle Volume charts, but the story is the 
same.  I had it breaking out of a short term down trend channel in early May, 
then move up and sideways to where it is now at the bottom of a new short term 
up trend channel.  This looks like a good entry point, but I'm fully committed 
now and don't have room for another stock.  Just sitting and watching 
everything go up (I hope <G>).

-----Original Message-----
From:	Guy Gordon 
Sent:	Thursday, May 22, 1997 1:21 PM
To:	metastock-list@xxxxxxxxxxxxx
Subject:	FTL at apex of descending triangle

Take a look at Fruit of the Loom (FTL).  The stock has been on a
short-term downtrend since the high of 3/20/97.  It has come down to
its long-term uptrend line. =20

I draw the long term uptrend from 11/21/95, through 7/22/96, 5/8/97,
and 5/16/97.  This line almost exactly overlaps the 200-day Moving
Average.  Unfortunately, that line is violated twice.  First, for two
days in the July 96 sell-off, and again for two days in the March 97
sell-off.

As an alternative, you could draw a line through the lows of 7/16/96,
and 4/13/97.  This line is parallel to the 200-day MA, but just a
little lower. =20

If FTL breaks through the short-term downtrend line, we should see a
pretty good move up.  I have a buy Stop order in at 37 1/2 for today,
which I don't expect to see executed.  Tomorrow, I will place one at
37 1/4.