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Biotech / Medical : Biotech - Technical Analysis
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To: XenaLives who wrote (14)2/2/2001 7:26:08 PM
From: SnowShredder  Read Replies (1) of 544
 
Hi Paula,

I was looking @ your MLNM chart. On the daily chart the volume is increasing on the downside...which tells me that the selling pressure is increasing in strength? MLNM is in a downtrend right now. If you draw an imaginary line over the peaks (High pts) on the weekly chart, you'll see that the line pointing downward (even if your oscillator indicators are oversold (eg. stochastics), there is no reason why they cannot stay oversold in a down market.). If you draw a line @ the bottom of the recent dips ~40 is support. It seems to me that the sellers are getting more anxious in that over the last 2 months MLNM has bounced off of ~40 2 times...each time the next major peak is lower than the previous one.

The time frame you use should be relevant to the time frame that you hold the stock (eg. a lot of scalpers use a one minute time frame, while swing traders use a daily time frame...etc). I use multiple time frames. You get the most reliable signals when you can look @ the different time frames and come to the same conclusion.

Another suggestion is, I try and TA @ the index, (eg. MLNM is a biotech, so I would also look @ the BTK.X or BBH) as "most stocks" follow the index that they belong to.

Of course BWDIK? I'm just a snowboarder (who has no position in MLNM $: )

Best of Luck,

WHG?
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