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Take a look at Zoltek (ZOLT). It has formed a new short-term uptrend
channel, and is at the bottom of that channel.
I draw the channel support line through the lows of 4/17/97, 5/20, and
5/22. This line lies on top of the 26-day MA. The parallel
resistance line goes through the highs of 4/18, 4/24, and 5/6.
Zolt is hugging the bottom of this channel right now at 30 1/2. This
seems like a good buy, though there is the possibility that it will
fall through and go down to the 50-day MA at 27.
Zolt has a PE of 49. The company makes hight-tech carbon fibers, used
to make advanced fiber-reinforced plastics used in aircraft, sports
equipment, etc. Sales and earnings are growing. The company has a
low-cost production method and is expanding its markets.
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