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CANSLIM.net Stock Bulletins - BLTI
10/27/03   CANSLIM.net
 

CANSLIM.net STOCK BULLETIN
"A Vital Service for the CANSLIM Investor" 

Mon., October 27th, 2003 | 8:03 PM

 


Biolase Tech Inc (BLTI $14.40) is a leader in the Medical-Systems/Equipment group that designs, develops, manufactures and markets laser-based systems for use in dental, cosmetic and medical applications. For the past six months BLTI has been zigzagging between the $10 and $15 range, not finding support at its 50-day moving average line (the blue line), yet staying well above its longer-term 200-day moving average line (the red line).  

It appears to be setting up very nicely, however disciplined investors will be patient.  As we've stated before, successful investing isn't about guesswork, but it is about reacting intelligently to what is actually happening.  In this case it is premature to assume that a bullish breakout will occur. Waiting for a high volume break above its June-July highs in the $15 range might mean paying a bit more for it, however it is recommended that investors wait until there is actual proof of serious institutional buying demand.  Its highest previous close was on July 22nd at $14.93, so any close above the $15 mark would be a very encouraging sign, especially if high volume accompanies the rise.  Meanwhile, watch out for a break back down under its September highs and 50-day line as potentially critical exit points.

BLTI's recent quarterly financial sales revenue and earnings comparisons versus the year earlier have been very strong, while its annual earnings history (the A in CANSLIM) has been improving after years of shrinking losses.  It was in 2002 that the company turned the corner to profitability. Note that BLTI is +80% since it was originally featured in the March '03 issue of CANSLIM.net News at $7.96, however its upside potential still remains substantial based upon the small number of shares outstanding and the huge percentage earnings increases the stock has been showing.  To read what our experts originally had to say about this stock in the March '03 issue of CANSLIM.net News click here.

Prior 4 Quarterly earnings % Changes:

Sep '02 vs '01 +300% Dec '02 vs '01 +150% Mar '03 vs '02 +200% June '03 vs '02 +167%
Shares Outstanding:21.0 Million 50-Day Avg Vol: 492,100
Pivot Point: (.10 above high on 10/21) $15.05 Max Buy Price: $15.80

More Info: 5-year Chart from BigCharts.com

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