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Applied Magnetics (APM) broke out of its short term downtrend channel
today.
APM, with a PE of only 8, makes thin-film and magneto-resistive heads
for the disk drive industry.
The stock has formed a nice base over the last two months, touching
the 22-23 range four times, while the highs have formed a descending
triangle. The medium term (6 month) trend has also been down.
The long term trend is strongly up, extending from the April 95 low of
$2.75, through the July 96 low of $8.25, and providing support at $20
today.
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