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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: twentyfirstcenturyfox who wrote (1321)	11/13/2001 1:17:51 AM
From: James C. Mc Gowan	Respond to of 10345

TA/ELN: Elan is at a support level that goes back to December of last year, at current price of 42 +/- Should the price drop below, say less than 40, this is a break of long term support. Next stop down would be at old support/consolidation going back to early/mid 1999. One of the best buying opportunities for ELN shares came about in late 1999 at 20. Long term shareholders will recall the assault on ELN by a certain brokerage and internet financial 'journalists' created this great buying price. The bottom of the current 10 week moving average may provide interim support, should price drop below 40. This is now at 38. Below this level of support, there is some air until the low 30's. Currently, P+F charting has a 'bearish price objective' at 31; this must be taking with a grain of salt, as it is only an estimate based on recent price trending, which has been negative since highs in 60's about June of this year. These numbers were all taken from a long term chart, going back to 1996. More recent chart shows a double bottom break at any price below 41, pretty close now. The most recent chart pattern of note was the break of a triple bottom on 9/21/01 at about 42 on the long term chart; a double bottom break occurred at 45 on 10/30/01 on the near term chart. Having followed the firm for many years, it just seems it has to go thru wrenching selloffs of 30-40% periodically, all of which are precipitated by negative sentiment that has never been borne out, once the long term excellence of this firm shines through. But, buying opportunities for ELN are often excellent entries for both traders and longer term investors. Did I hear that Street.com was trashing ELN recently? It would be music to my ears, as they are usually the harbinger of another great buying opportunity. I will put in a GTC buy order for ELN shares, and likely leap options in mid to low 30's. Not saying we will get there, of course, but these big moves occur with some stocks, for whatever reasons, and ELN is one of them. Good luck to all ELN investors. James