by Sam Collins 08/29/08
Qiagen N.V. (QGEN) -- This biotech company engages in the development, production and distribution of biotechnology products. It has been in a bull market since October 2002. Since then, it has more than tripled in price but is still nowhere near its all-time high above $50.
We've had many comments on QGEN.
On March 17, we said, "QGEN has bounced back and forth between $23 and $19 and still looks like a stock that will eventually break from its current support at $19 into high ground. Even though the biotech stocks are in a favorable sector, only purchase shares on sharp pullbacks."
And on June 18, we reported, "It didn't make a new high in March but did trade to $22.50. Now it's bouncing from support again and should run to at least $22 for a quick trade with a greater likelihood of breaking to a new high."
Then on July 15, we said, "It ran to just over $21 before dropping again to the bullish support line at just under $19. But now it is supported by three of our Collins Bollinger Reversal (CBR) buy signals, and that suggests a breakout to new highs is more likely."
Prices have run to the top of the trading range -- a breakout could lead to a major move up but upside volume has to improve or QGEN will fall back to support at $19 to $20.
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