Bioenvision (BIVN)

Company

"Bioenvision's primary focus is the acquisition, development, distribution and marketing of compounds and technologies for the treatment of cancer. Bioenvision has a broad pipeline of products for the treatment of cancer, including: Evoltra®, Modrenal® (for which Bioenvision has obtained regulatory approval for marketing in the United Kingdom for the treatment of post-menopausal breast cancer following relapse to initial hormone therapy), and other products. Bioenvision is also developing anti-infective technologies, including the OLIGON® technology; an advanced biomaterial that has been incorporated into various FDA approved medical devices and Suvus™, an antimicrobial agent currently in clinical development for refractory chronic hepatitis C infection." (company website)

Buy

21-Sep-06. BIVN retraced about 40% of the move from $4 to $6.40, touching back up with the lower Bollinger band twice in recent days. Market Edge puts BIVN at a "strong buy" with a "strong upward trend" in the chart.

• Price momentum (PPO) — slowing during the pullback from the peak
• Trend (ADX) — still strong, but weakening, and buying pressure (+DI) and selling pressure (-DI) seem in flux
• Money flow (CMF) — very strong flow into the stock during run up to the peak at $6.41
• Relative strength (RSI) — strengthened during run-up, but has fallen to neutral during pullback
• Volume — not sure which direction this is going

Sell

3-Oct. My stop-loss order was triggered late in the session, resulting in a sell not far below my buy price. The trailing stop had ratcheted quite high as a result of last Friday's high ($5.79). It's probably not a bad thing that it fired off. The two previous days were marked by failed attempts to rally (long "wick" on the candle), and BIVN is losing strength (RSI), money is now flowing out of the stock, and selling pressure ticked up again.