Biotech - Technical Analysis Message Board

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Biotech / Medical : Biotech - Technical Analysis

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To: Tomato who wrote (169)	3/16/2002 9:55:53 PM
From: JEB	of 544

BTK (Biotechnology Index) shows a wedge pattern formed 100 days ago. An earlier wedge pattern broke out 9 days ago to form the rally we just had. We are now testing the older 100 day wedge resistance line at 535. Since the rest of the market looks strong but the fundamentals tell a different story (it's had a good run so far), look for a pull back here and a regroup to test supports. BTK shows 510 as the near term (horizontal) support and if that holds, it bodes well for the continuation of the current rally. Next lower is at 500 and would still represent strength in this rally if that holds. Last ascending support is at 465 (keep in mind it is ascending and changes daily). This is a must hold support for this sector to remain bullish currently and hold the wedge pattern. bigcharts.marketwatch.com

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