Fosters 16/6/99

Fosters is in an up trend - as revealed by the monthly chart. This is not what the financial press would have us believe, noting as they have, Fosters fall from $5. Stocks must do this if they are to move higher; ie downward retracements of the up trend.

One possible support level could be $3.80, a mid point between $2.60 and $5. Note $3.80 is a previous top , easily seen on the weekly chart.

Note some recent not so good news surfacing this month about Fosters, see for example the AFR wed June 16 p.30. $3.80 to $4.00 is a buy zone. (Although that doesn't mean that price will then move up.)

Watch for the moving averages to turn upwards first, and a break of the daily down trend channel, as possible buy signals.