Biogen Message Board - Msg: 5851302

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Biotech / Medical : Biogen

BIIB 164.90

+2.1%

Nov 13 3:59 PM EST

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To: Harold Engstrom who wrote (750)	9/27/1998 7:45:00 AM
From: Bwe	Read Replies (2) of 1686

Harold, BGEN just moved into a bearish p&f pattern called a High Pole Top (HPT) which I've written about on this thread before. The stock previously had a HPT at $55 in August and the stock eventually fell to $42 off that pattern. The main indicators that p&f chartist's follow are bullish now as opposed to being Bear Confirmed in August, and the aftereffects of the HPT, will, in all likelihood, be much less severe. However, HPT's are never a good chart pattern and the stock has had a great move rising 67% in less than a month. The stock has very bullish relative strength and has been outperforming the Dow since January of this year and gave a RS buy signal in March. The stock has previous buying support in the $59-60 range and trendline support at $62 and $55. I believe those levels represent a good opportunity to initiate or add to existing positions. For those who are tempted at this price level, I suggest showing patience for a better buying opportunity as the HPT suggests short term weakness. Take care, Bruce

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