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9/28/99
Schering Plough (SGP)
Points to watch: SGP's
performance has lagged behind the S&P 500 since last October.
The stock peaked on April 12th at 60.81, and then entered a 2 month decline
before it made 2 failed attempts to retrace lost ground in July and
August. .
SGP' s decline
has accelerated over the past 3 weeks. Daily OBV, RSI, and
stochastics have been confirming each recent move lower in price, with all
3 indicators hitting new lows yesterday. Yesterday the stock slipped below
Fibonacci support at 44.1, closing the day at 43.88. Support is at
43.19, a level which has acted as support on 3 occasions: 6/15/98, 9/1/98,
and 6/15/99. A sell, or sell short, signal would be given if the stock
breaks below support. If the stock fails to hold the 43 level,
it would next find support at the 38-39 level.
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Last modified: April 02, 2000
Published By Tulips and Bears
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