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Technical Market Action WRITTEN IN SAN FRANCISCO At Friday's and Saturday's intra-dllY lOViS of 171.94 and 171.90, the market had reached the lower limit of the 172-174 flrea. This area has been mentioned in recent letters as a strong support zone. Individual issues also have met support at the proper resistance levels and the rally of lilonday and Tuesday has broug!1t the averages back to the 174-175 area. For the near term would expect upside resistance at the 176-179 area. Expect a continuation of irreular narket action, on snaIl volwne, as the narket builds up a base area in the niddle 170s. Continue to like the technical patterns of nerous individual issues. , Included in this group are American Rolting iJil1s, Ar.lfJrican \'ater V;orks, Chicago & Northwestern, Crane & Coznpany, Deere & Coznpany, General Cable, Illinois Ce,l'ltral, Penn-Dixie Cement, Seaboard Air Line, SiInmons, Union Bag and Wheling Steel. The air line issues have nlso shown strong resistance in the recent decline and have built up good base patterns. United Air Lines, Northwestern Airlines and TliA seezn to have the lJOst fnvorable patterns in the group. EDMUND Ii'. TABELL SHIELDS & COI,.FANY March 18, 1947 Closin Dow-Jones Industrials Dow-Joncs Rails DOH-Jones 65-Stock 174.95 48.70 63.06 Th. opinions exprenea in this letter are the panon.S Interpretet10n of cham by Mr. Edmund W. lebell end are not presented .1 the opinTonl of Shield, I Company.