In last Friday's session, 9/26/03, EXAS managed to:
a) violate its 200 EMA and
b) violate an uptrend line that originated on 2/13/03's i-d l of 6.69.
Said uptrend line (which the General had designated UTL2) stood at a value of a hair less than 12.54 and 'died' when EXAS' i-d l got down to 12.37 in a multiple-of-ADV trading session.
The next UTL, the sole one remaining, as the General reckons it, is UTL1. UTL1 has been around for almost 2� years, having been born at 4/09/01's i-d l of 5.30. UTL1's value a/o 9/26/03 was 7.153+ That's not much comfort to Longs when the stock is trading in the $12+ to $13+ level (which it is at the present time).
The only technical indicator that may offer closer support is EXAS' 200 DMA which is presently at a value of 11.66.
If that, too, gets violated, it is within the realm of possibilities that EXAS might not find firm footing until it gets to single digits.
For those who aren't exactly thrilled at that (possible) prospect, please know that the General is not now, nor has he ever been a short-seller. He's just giving a technical opinion.
4 weeks ago, the General posted message #698 (to which this message replies/refers). In it, he opined that EXAS could see single digits.
The anticipated report from EXAS which some Longs were hoping would provide positive news that would reverse the slide has come and gone in the interim.
The T/A opinions expressed in message #698 were the General's as he didn't have the opportunity to ask the opinion of his T/A, the Oracle at Delphi, at that time (4:20 am ET).
He has now done so, so for those who're interested, the Oracle said that EXAS should hold here at $10. He emphasized SHOULD. The General asked him, "What if it doesn't?" He said that then it could test 6.60, with a possible halt (support) @ 8.90.
In the meantime, the General has updated his value of UTL1 for the intervening additional 19 weekdays and, a/o today, it's now at a value of 7.208 (and it gains ~6.2+� over the course of an average month).
So for those readers/lurkers who're looking for technical support levels here's what the current situation appears to be in the Oracle's (O) or General's (G) opinions:
>>>For those who aren't exactly thrilled at that (possible) prospect, please know that the General is not now, nor has he ever been a short-seller. He's just giving a technical opinion.<<<
Thanks General. While tech analysis certainly has its place in stock movement, Ltdcoverage believes the results of the 5K plus (patient) study will be out around 30 days - a little sooner than originally anticipated. But he's only giving a well informed opinion as a lab guy.
And by the way, BCBS (North Carolina) just reimbursed $636.00 for this test-around 80%. Thats got to be good news.