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8/26/99 Kensey Nash (KNSY)
Points to watch: KNSY
broke above its January high of 12.13 yesterday and hit 13.5 intraday,
before backing off to close at 12.75, a 14 month high. Technical
indicators confirm the price rise, with OBV, RSI, and stochastics all
hitting new highs yesterday. Weekly MACD has yet to give a
confirming buy signal however.
While
the stock looks like a buy on its weekly chart, the daily chart shows that
a buy at current levels might be premature because resistance exists
directly overhead at 14 (the bottom of the gap formed on 6/12/98, and a
level which also provided support from 12/97-1/98). We would wait
for the stock to move above 14 before jumping in. |
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