Biotech Update

  • July 18, 2002
  • Derrick Hobbs

Tuesday we mentioned a two
step pattern forming in BBH on the 60 minute chart against resistance. The following
trading session BBH traded slightly higher yesterday, but rolled over today
as it ran up against daily price resistance. I’ve included 60 minute and daily
charts below to see key support and resistance zones. I believe the chart to
focus on is the daily chart. As you can see the trend is down, and on occasion
we get a large countertrend rally. Well, we just had an 11 point countertrend
rally. BBH could still go higher into our Fibonacci price resistance zone, but
unless it can clear that daily price zone then this is simply a corrective rally
and nothing more.

 

 

Good night!

Derrik

 

 

 

 

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