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Zak`s Top Daily Calls

Zak's Top Daily CallSome charts just cry out to be noticed. each day zak screens out a number of contenders and flags just one as his top daily call - a situation where dramatic movement lies just around the corner. Sometimes it is an Index call. Usually it is stock specific but not necessarily a blue chip.The Daily Call will be made at any time during market hours. Timing is everything. As soon as the article appears on Zaks-TA, Zak will send you an e-mail alert. In fact he sends an e-mail alert whenever any article other than his Daily Outlook or FTSE 100 portfolio review appears on the site.The Top Daily Call below appeared on Zaks-TA on Friday August 16th 2002

Shire Pharmaceuticals: Ready to Rally?

SHIRE PHARMACEUTICALS (SHP): 604p

STOP LOSS 570p TARGET 800p

Is Shire in a range or has it formed a triple bottom below 500p? That is the question. The really noticeable feature of Shire is the way that it has broken the near term resistance at 550p. However, even the FTSE 100 broken its 2 year downtrend in February at 5,200 and we all know what happened just a few months later.

Nevertheless, the break of last month’s highs just under 600p has to be seen as bullish and therefore while we remain above the August 13th low  of 570p, look for a minimum retest of June highs near 660p, which could lead to the major pre-February support area at 800p after that.

shp year chart

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