Organ: I respect your opinion and you may be right! But here's my scenario:
1. the stock recovered from intraday low (below 34) to close at 35 1/4 on low volume...about 800K.
2. the recent daily uptrend line has not been broken.
3. the stock appears ready to make a 2nd attempt to close above 36.
4. a close of 36 1/2 will allow the 38 resistance area to be tested.
If, however, the 'breakout' fails (after a close of 36 1/2 or better), then watch for a downward move to 31....should 31 be broken then 28-29 shows good support.
Regarding your comment: <Fundamentally and technically, this stock is as overvalued as they come.....>, I can say that fundamentally the company is strong with major drugs in the pipeline and, more importantly, the market activity and the chart pattern like that of CNTO doesn't get much better!!!...both a trader's and investor's dream!
The above is strickly my opinion....and, yes, I love the stock...been in since 17-18..."boxed", but yet to sell out!
Have a good weekend, all.
FNS
|
