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8/18/99 BioChem Pharma (BCHE)
Points to watch: BCHE hit its 52
week high of 30.25 on January 8th and then went into a 4 month tail spin
before bottoming at 17.38 on May 24th. The stock has been steadily
recouping its losses over the past 3 months. In early July weekly
RSI and stochastics both gave buy signals, and MACD followed a week later
with a buy signal.
The
stock broke above resistance at 22.81 yesterday, and closed above the 50%
retracement of its 1/8-5/24 decline (23.81). Money continues to flow
into the stock, with both daily Money Flow and daily OBV rising
sharply. The stock is a buy above yesterday's high of 24.25, with a
first target of 27 and a second target of January's high of 30.25.
Support is at 22.81 and near 20. |
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