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Biotech / Medical : Biotech - Technical Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jibacoa who wrote (91)	8/29/2001 11:43:36 AM
From: Jibacoa	Read Replies (1) \| Respond to of 544

The DOW & the NAZ remain under pressure.<g> The DOW's near term support at 10040 could be tested this week. If it doesn't hold it could test next support of 9765, the April L at 9375 or March L at 9106. The NAZ's near term support at 1817, the April L of 1710 and March L of 1619. One good thing <g>(on a contrary basis<g>)is that the bearish sentiment appears now to have increased, albeit it hasn't reached panic levels as yet. Labor day is fast approaching and often times there is substantial change after the long week-end as some people start looking at the end of the Summer rally <g> and the possible scare of a black October and others at the outlook of the Holiday's sales and possibility of a Santa rally and "January effect". So there is a possible acceleration of the present down trend after Labor Day or a possible moderate recovery before an October "scare" with "panic selling".It is usually hard to try to make projections that far out.<g> Looking at some of the stocks with recent comments: TEVA has not closed the up-gap yet. Near term support remains at 68.12 BTRN is trying to move up as expected, but it is going to be hard for it to close above yesterday's H of 5.45 in this kind of market.<g> It also has resistance from the August 17-August 20 double top at the 5.70 level so longs will have for now be satisfied if it doesn't break support at the 5 level.<g> CRIS has now a good amount of near term resistance at the 6 level from the intra-day Hs of 8/27 and yesterday. It has weathered the initial profit taking today on the first half hour of trading. There is slight support at 5.73 and stronger looking one at 5.45 before going back to touch the 50 day average now around 5.37 (It is still on a near-term uptrend.<g>) Bernard