Harold and all. What follows is the latest point & figure analysis of BGEN:
BGEN is still on a p&f buy at $48 6/98. The upside price objective of $59 has been reached. The upper end of BGEN's trading channel as formed by the Bullish Resistance Line gives the stock room to move to the upside to $72. To reach those lofty levels, the stock is going to need some help from the market, and that doesn't seem to be forthcoming in the near term at the very least. Many p&f indicators have reached oversold levels, however,
the main indicator, the NYSE Bullish % is bearish and indicates the market will likely move lower still.
BGEN will next give a p&f sell at $52. That formation would be a triple bottom sell, and if that were to occur, we would look to the lower end of the bullish trading channel, the Bullish Support Line (BSL), for long term support. This BSL should be taken quite seriously as it has remained unbroken and provided support since being drawn at the October $31 low. As long as stocks trade above the BSL, the stock is said to be bullish for the long term
investor. Sell signals above the BSL put a stock in a short term bearish mode, but the long term trend is still considered bullish. Should the triple bottom sell at $52 bring the stock below the BSL at $48, this would indicate that something has changed in the supply/demand relationship for the stock and long term positions should be looked at carefully. There is also short term support, also at $48, by way of the Bearish Support Line.
50 day MA: $49.59
150 day MA: $45.41
200 day MA: $42.67
Take care,
Bruce |
