Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Proton who wrote (15255)	2/20/1998 12:44:00 AM
From: Proton	Respond to of 32384

Re: Support, Resistance, and Patterns [Buffetologists may NEXT] Support and resistance levels mentioned in... Message 3407197 ... have contained the latest action in LGND. The "rally day" high at 16 and the February 18 high at 15 1/4 further strengthen the boundaries of this resistance area. If LGND can blow through this region, the stock may match the title of the thread. :-) There is a gap under just under 14 (February 11), as mentioned by others. I have commented on the strength of the support in the 14 - 14 1/4 range, but a false breakdown into the gap is not necessarily worrisome. I would not want to see a decline below the gap. There is some evidence that LGND's coil is tightening. There is a triangle forming on the 60-minute chart (starting the day before rally day). The convergence is at -- well, well, well -- 14 5/8, today's close. Ebbing volume this week supports the idea that a standoff between bulls and bears should resolve soon. The trivial detail about triangles is we don't know what direction is signaled until there is a clean break away from the convergence price. Also, it is an ugly triangle... ;-) Remember that four-five month "cyclical" case for LGND on the weekly chart? My obituary for it may have been premature! The bottom of the last cycle was six months before the February lows. That's outside previous parameters for the cycle, but recent price action looks like be a bounce off the cyclical bottom. If the cycle is still influencing the LGND chart, we can expect upward pressure to continue until at least early April. If the combination of the cycle case and more news excites you, the March 15 calls (LQPCC) may be of interest. Given the decline in volatility since rally day, they are a tad rich at thirteen tinies, ask. What a ride they could give you, though! Pý