Show SIGNS OF A STRONG SUPPORT AREA Since November 1976 the Dow Jones Industrial Average has bias suffered a number of crucial penetrations of the area which many stock market analysts considered an important support level As a matter of fact even the mark itself was briefly violated recently At each time of weakness however buying strength made madea a timely appearance averting any penetration sizable enough to touch off a new wave of liquidation of sufficient scope to drive the Dow Jones Industrial Average down a n hundred points or which so-which some pessimists have been counting on Now the majority of the blue blue- chip issues appear attractively priced in terms of their earlier peaks their basic earnings and their heir heir pr pe ratios of off past years Hence the Research Department of Babson's Reports feels that the element of risk has been materially reduced and that the theline theline theline line of least resistance is on the upside for stock prices beyond midyear |