Monday, December 11, 2006

BIIB Analysis for 12.11.2006

Big corrective wave pattern in place since December 2000. Price currently above the major moving averages off the monthly chart.

Bearish engulfing pattern created with last week's trading action. Look for possible further weakness.

Panicked selling with gap down at the open. However, lots of buyers came in early and took the stock up, to close near its highs for the day. Big bullish engulfing candle created, showing that investor sentiment has changed today. Watch for follow through tomorrow, to test the highs, and possibly higher.

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