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Biotech / Medical : CTEC: Cholestech any other investors?
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To: epicure who wrote (66)6/5/1997 8:59:00 AM
From: John Kratus   of 710
 
I'm not a TA freak, but if you check out a monthly chart on CTEC going back to mid-1995, you'll see a pennant forming. You can draw a nearly perfect line connecting the lows from 1 3/8 in May 1995 to last month's low of 4 15/16. The high of 7 7/8 reached in February 1996 connects downward nearly perfectly with yesterday's 6 1/8.

This interpretation would put a floor on the June low of 5 1/8, and a ceiling of 6 1/8, which was reached yeasterday.

The good news is that the pennant is coming to a point, if not this month then next month. And at that time there will probably be a dramatic move to a new level. Given CTEC's improving fortunes and the likelihood of a good earnings announcement next month, my money says that the stock's going up.

I also noticed the heavy volume at Wednesday's opening. From the graph on the Lombard site, I saw that the upticks were from multi-thousand purchases, while the downticks were from rather small sales. My strong suspicion is that one or more funds has been steadily accumulating CTEC over the past three weeks in expectation of good earnings.

BTW, when the bid-ask reached 6 - 6 1/8 yesterday, I didn't sell 25% of my holdings, as I have every time CTEC has gotten to 6. This time I think we're going much higher.

John
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