The SmarTrend Trading Community

Q: Chip,

You should be looking at  IMGN.

A: As a matter of fact we have been looking at IMGN, and our system has made a few good calls on it so far this year as shown by the chart below.  In the most recent case, SmarTrend called a Downtrend on Immunogen on July 6, 2009 at $8.08, and the stock has fallen 7.9% as of today’s recent price of $7.44.  If you would like to be automatically alerted when an Uptrend is detected, you can get a free trial at www.MySmarTrend.com <http://www.mysmartrend.com/> . There you can also sign up for our free daily newsletter  <http://www.mysmartrend.com/signup.asp> and check out the Community  <http://www.mysmartrend.com/discussion.asp> tab for more insight on technical analysis and where the market is heading.

Q:Chip,

Long term IMGN investor, thinking that we will be seeing lots of new highs after a breakout. Any thoughts on a sell point?

Regards,

Karl

A: After having had IMGN in an Uptrend since October of last year, we briefly called a Downtrend back on June 18th when it started to dip lower.  But a few days later our indicators came back from oversold and we issued an Uptrend again on 6/28 at $8.32 and we still have Immunogen in that Uptrend.  The $9 level has been tough to break through but our indicators are not yet overbought (trendline is right around $9.20).  You have to go back to late 2004 to find any sort of other resistance at the $11 level which could be a first target.  But given the double in the stock since March of this year, you want to be cautious for a possible pullback in near term.