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10/3/98
SCHERING PLOUGH CORP (SGP)
Points to Watch: The drug group's
technicals have weakened considerably over the past week. SGP is in the process of
forming a double top. Strong divergences in MACD and weekly RSI occurred on the
second top. Stochastics has turned down from overbought. The stock has completed a
wave 5 up pattern. Weekly ADX has turned down and fallen beneath 40.
Aggressive traders may short on a fall beneath the 55 day moving average at 97 1/4 and a
fall in %R beneath 50. Conservative players should wait for a fall beneath the 21 week
moving average at 94 1/4 (which has provided support on a closing basis since April 1997).
Our downside target is 70-75.
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Last modified: April 02, 2001
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