Bob,
Here is my view on things:
First, Yes, this is the highest high for quite a while, but it is not enough to seperate it from the June '96 high. This was a resistance point before, and why I suspected it would be again.
Second, look at April 24th. The low for the day, while short lived, was just over $3 and the close was just under $4. The next day Xoma also stayed under $4 with volume of almost 900,000 shares. Think about it for a minute, $8.50 is a double for everything up to $4.25. One trading rule of thumb is when you get a double--take it!
Finally, $8.25 is mid-channel on my current channel regression analysis, Xoma retreated from mid-channel in Feb and again in March when its value was something like $6 13/16.
Consequently, we have three reasons for this area to be a resistance area. Nothing unsurmountable, but it will take more than a positive mention on CNBC to do it.
Sorry, looks like Avarise is still a few days away. |
