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Biotech / Medical : Biogen
BIIB 186.96+2.4%3:59 PM EST
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To: Harold Engstrom who wrote (781)11/14/1998 7:48:00 AM
From: Bwe   of 1686
 
Boy, is BGEN a strong stock. And it seems to get stronger by the day. I swapped into AMGN a while back and have been rewarded nicely with the stock, however, BGEN has been the bigger mover of the two. BGEN broke out of a Bullish Triangle pattern on it's point & figure chart at $73 and has given two more confirming buy signals along the way at $75 and $79. The buy signal at $75 was particularly noteworthy because it was a spread Triple Top buy signal that cleared a price level ($73 - 74) that the stock had been turned back from on a few occasions. BGEN last gave a sell signal at $61 and that caused little damage and the stock quickly reversed back up and resumed it's ascent.
The next sell signal would be at $74 and major support is at $66. Minor support is at $73. The bullish price objective is $99 and it looks very good that the po will be achieved. The Biomedics Bullish % is Bull Confirmed at 56% which means that 56% of the stocks in the sector are on p&f buy signals. Overbought levels are over 68%.
Another stock in the group which looks very good is Centocor, which gave a new Relative Strength Buy signal this week on it's chart. Stocks that give new RS signals are usually good performers for a long time.

Take care,
Bruce
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