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Biotech / Medical : Biogen -- Ignore unavailable to you. Want to Upgrade?

To: Berk who wrote (706)	8/25/1998 6:05:00 PM
From: Bwe	Read Replies (1) \| Respond to of 1686

Dick, BGEN had a High Pole Top (HPT) pattern (a very bearish p&f chart pattern) at $55 in August. This led to the stock's subsequent weakness and a Triple Bottom sell at $52. The downside price objective from that sell was $41. This is not a subjective interpretation of the price action, but rather a simple reading of the p&f chart. The main trend of the stock is bullish. The stock has bullish relative strength and is trading above it's bullish support line which is currently at $51. That the stock was able to hold above it's long term support line (at that juncture it was at $48) after a combination HPT and Triple Bottom sell is a testament to the stock's strength. That could not be predicted, however. The trend line was able to hold and that is a very good sign. The stock has subsequently reversed up to $58 after the p&f sell (who'da thunk it), back down to $54, and now up stands AT $58 after today's action. A move to $59 would give a p&f buy and a move to $60 would surpass 3 previous tops and move to new high ground. The stock's action is quite bullish in light of the uniformly bad price action of the majority of stocks. On the down side, watch $52 as that is where the BSL is at from the October low of $31. That and the stock's relative out performance vs the Dow are the key's to Biogen's p&f chart action. Best to you. Bruce