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Biotech / Medical : Biotech - Technical Analysis

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To: smh who wrote (99)	2/4/2002 1:08:15 AM
From: Jibacoa	Read Replies (1) of 544

Sorry, but I don't follow Elliot Wave analysis. According to its followers, they are expecting a 5th wave to start soon and to have the BTK advance as much a 1K points by year end. The BTK seems to have strong support at the 380 level.( Its Ls April 2000 & March 2001. The more recent double bottom in September 2001 was made at the 410 level.) The nearest support is at the 480 level. The BTK has been on a down-trend since its double top (November & December 2001 at the 625 level)The attempt at recovery from its mid-December 2001 L (547) failed on December 28 ( at 605) The recovery attempt from its January 22 L (512),failed with January 23-24 double top at the 544 level.It is now on a "mini-term" two days up-trend from its January 30 L (479.91)It has to close above 545 to consider that it is having a serious attempt at recovery.That certainly would improve its present chart pattern,<g> but still it won't brake the longer down-trend coming from the September 2000 H of 812. (For that to happen it needs to close above 625 ) RAGL Bernard

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