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.

Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: Ms. X who wrote (3975)	6/21/1998 10:50:00 AM
From: Bwe	Read Replies (2) \| Respond to of 34813

I notice that Biogen (BGEN) has made it as an entry into somebody's portfolio in our contest. I added it to my investment club portfolio a few months back and just today did some p&f work that I posted on the Biogen thread. I reprint it here for those interested: I posted a couple of months back on BGEN's relative strength (RS) point & figure (p&f) buy signal the stock gave in March at $47. Since that bullish RS signal, the best that can be said is that the stock has held up rather well despite a very nasty market. A few technical p&f notes that are worthy of consideration: -After BGEN made two tops at $49, the stock has tested support twice and the bullish support line (BSL) held both times at $41 in April and at $43 in May. This support line was drawn in after the October $31 low and is evidence of BGEN's continued uptrend. -After the last $49 April high a Bearish Resistance Line (BRL) is drawn to give the chartist an idea of where the stock might run into trouble after advances. That BRL was taken out with the stock's recent advance at $45. -BGEN has given three consecutive bullish chart patterns with the most recent being a "triple top" buy signal at $48. The price objective is currently $58 and counting. -While BGEN has given a buy signal on it's chart, the Biomed/Genetics sector is one box away from a sell and is approaching oversold territory. Only 34% of all the stocks in that group are on p&f buy signals and BGEN is one of them. That's what RS is all about. If an investor is so inclined, a buy list of strong stocks in the sector could be compiled for possible purchase after the group reaches oversold status. BGEN would most certainly be one of the stocks on that list. Regards, Bruce