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

To: Henry Niman who wrote (13867)	1/29/1998 12:37:00 PM
From: Proton	Respond to of 32384

Re: LGND Status and Outlook As of this writing, LGND has now underperformed the ethical drug group by 21.63%. That's since the beginning of 1998. The LGND "nineteen-week cycle" case died today. Even if LGND recovers from these levels, it will be impossible to ascribe the rise to the cycles that seemed to govern the stock during 1997. When I wrote about the January double top at 12 7/8, I specified that it created a bias to the downside. That has come to pass. The key resistance at 11 3/4 held for a few days, but today's violation of it was decisive. There is one technical case friendly to LGND bulls: today's spike down may have created a double bottom with the low established the week of December 15. Given the intermediate downtrend from October and the breakdown from 12 7/8, this is a thin reed on which to depend. We'll see. Pý