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Biotech / Medical : Biotech - Technical Analysis

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To: XenaLives who wrote (96)	10/1/2001 12:15:56 AM
From: Jibacoa	Read Replies (2) of 544

Paula: I can't comment on your "personal study" because I find it beyond the limits of my acumen. I don't understand things that are or appear complicated and that is why I try to keep things as simple as I can.<g> As far as the "strange doing" on MATX, I don't know what is that you found "strange". As I see it, MATX broke its support (8.50 which was the L on Aug.8) on Aug.31 As you may recall, the H that day was 9.40 and it closed at 7.69 (near its intra-day L of 7.60)The volume that day was 1,102,400 and the RSI which had been running around 60 in the previous 2 days dropped to 40. The volume that day was also more than double the previous 2 days.And also the price which was already below its long term average dropped also below its near term average. So in my book MATX gave a pretty clear "sell signal" on Aug.31, especially if you also notice that there had been a "doble top" formed by the intra-day Hs on Aug.23 & Aug.28 at the 10.15 level. That also put and end to recovery attempt that had started on Aug.9 from the 8.64 level. In the following 3 trading days (Sept.4,Sept.5 & Sept.6) it continued its decline while more than 1,300,000 shares were traded and it had a persistent drop of the RSI which by then was down to 20. No shares were traded on Sept.7 or Sept.10 and all the interim news from the FDA, the ODAC and the down grade by Bank of America triggered the large down-gap that took place when trading resumed on Sept.17 Since then it has being trading below the $1 level. The "support" stands now at $0.56 The nearest "resistance" at $0.65 with further "resistance levels" at $0.75 $0.87 and of course it has to close above $1.44 (the intra-day H on Sept.17) before it can try to close the huge down-gap.<g> From the fundamental standpoint, it doesn't seem that its INTRADOSE product is candidate for approval as the FDA pannel found that it had "extremely limited efficacy and moderate to severe toxicity" and the ODAC stated that they didn't find "enough evidence" that the product was "safe and effective". I don't know how their "open label trials" are doing or what the potential is for their MPI 5020 Radiopotentiator or their Tezacitabine. siliconinvestor.com I think that's enough for now. If I have time I will try to answer your question on PRCS, which to me has a better outlook at present than MATX RAGL Bernard

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