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TECHNICAL MARKET ACTION The industrial average, led by the steels, reached new territory on Monday at 165.71. While individual issues have advanced sharply in the past few sessions, the industrial average has met increasing resistance as evidenced by the fact that Monday's intra-day high was only 1'46 above the high of ten days ago. In the early stages of the advance, the averages rallied approximately five paints in four trending days. Also the industrial average has reached the indicated 165-167 rally indication and the New York Times average has reached its indicated 117 1/2-119 1/2 indication, while the rails have surpassed the indicated 55-56 zone. Would expect a minor correction to the 161-159 level before the advance, except in special situations, carries much further. The long term trend still indicates much higher prices. Two more issues, Allied and Chrysler, reached indicated resistance levels and are temporarily dropped from the list. Profits on these two issues totalled 17 1/4 points. The record on completed trading transactions since the first of the year is Gains 44 Losses 0 Total Points 288 Total Points 0 The complete list of recommended issues with advice based on technical analysis follows Stock .- . Recommended At Last Sale Advice Allegheny Ludlum —American Bank Note American Bosch Car & American Republics Bycyrus Erie Budd Manufacturing -California Packing '-Campbell Wyant & Cannon Carpenter Steel Champion Paper Chicago Tool Cities Service Columbus Pictures Continental Diamond Fibre Delaware, Lack & Western Eagle-Picher-Lead –Engineers Public Service Fairbanks Morse Foster Wheeler Gair (Robt.) Gar Wood General Precision Equip. Great Northern, pfd. Grumman Aircraft Gulf Oil Hat Corporation Hercules Motors Interstate Dept. Stores Johns Manville Kennecott Copper -Lehigh Valley R. R. Mesta Machine Monsanto Chemical Pressed Steel Car Radio Corp. of Amer. Republic -Reynolds Metals Shell Uniru Oil Walworth Western Union Youngstown Sheet & Tube EDMUND W. TABELL SHIELDS & COMPANY April 30, 1945 Closing – Dow-Jones Industrials 165.44 Dow-Jones Rails 57.08 The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.