Technical Analysis of Financial Markets

Wednesday, July 25, 2007

Genentech Inc. (DNA)

Biotechnology firm Genentech, uses human genetic information to engage in the discovery, research & development, manufacture and commercialisation of biotherapeutics focusing on oncology, immunology and tissue growth & repair, based in the United States. Since year-to-date, stock price has been bounded beneath the 50-day moving average and has declined 24% with RSI unable to sustain a reading above 50 in that period. However, price action may currently be forming an inverse bullish Head & Shoulders formation; seek a close above the 50-day moving average for possible trend-reversal signal. Stop-loss: close below $74.

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