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Biotech / Medical : Centocor ( CNTO ) -- Ignore unavailable to you. Want to Upgrade?

To: rag2rag who wrote (894)	3/28/1999 5:57:00 PM
From: Bwe	Read Replies (1) \| Respond to of 965

Has anyone noticed that CNTO has expected earnings of $.71 for FY99 and $1.52 for FY00? The numbers have dropped slightly over the last few months but not enough to call it a downtrend. Any reason that the company shouldn't make these numbers? CNTO is battling a downtrend line that was drawn after the stock topped out at $52 in November. This Bearish Resistance Line (BRL) is now at $39 and is an important price point to keep in mind. There's lots of important support between $34 - $36 and even more at $32. This support goes back a few years. CNTO has been a trading stock the past couple of years and it seems to me that the stock is currently on the lower end of it's trading range. I would feel much better about buying the stock here rather than selling it. Should $32 buckle, that would cause me to believe I was wrong and there was something seriously wrong with the company, especially if the market rose while this drop occurred. In fact, most stock of CNTO's type are faring much worse than the market. 59% of the stocks on the OTC market are currently on sell signals, just like CNTO. I believe if the market broadens out, companies like CNTO with real earnings will be bought once again. The next trading range high should be around $50, the next Bullish Resistance Line. A crossover of the 200 day moving average at $39 3/8 would also be a positive. Best of luck to all! Bruce