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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: RXGOLF who wrote (13697)	1/24/1998 2:49:00 PM
From: Proton	Read Replies (1) \| Respond to of 32384

Re: This is the LGND Thread! As far as sentimental reaction, it appeared LGND was dealt with rather harshly yesterday. It was less than five per cent, in line with my concerns for a "knee-jerk" reaction. Andrew H. pointed out that a similar downdraft occurred when there were mixed Phase 2 results for Panretin. LGND's price action did not do the efficient market hypothesis any good: One could have gotten out at 12.5 or better all morning. Perhaps it took some time for people to make the connection to Ligand. :-) I'm particularly interested in the volume spike around 12:10 E.S.T. yesterday. Can anyone with time and trades help me here? What was your technical take on yesterday? The sixty-minute chart shows a well-established double top at 12.875. By "well-established," I mean that the second decline has now gone lower than the low of the first decline (12.375). I don't trade off of such short-term signals for individual stocks, but this signal does imply a negative technical bias that must be overcome by next week's action. What's more interesting to me is LGND's ability to maintain it's uptrend from the mid-December lows. The trend is anemic, but it's still in place. 11.75 (the short-term low of January 12) and 12 (off of which LGND bounced quite a bit during the week of the 12th) delineate a critical support area. Keep in mind, fake breakouts and breakdowns are more likely on the sixty-minute chart than the weekly one. If LGND can hold above 12, the daily chart will show a series of four rising bottoms (no White House jokes, please). I'd view this as quite positive. Pý