CEPHALON INC (CEPH-Nasdaq): Technical Viewpoint: From a low of $35.82 on Jul 11, 2002 prices rallied, reaching a high of $46.20 on Jul 18, 2002. A decline saw prices pull back, reaching a low of $37.59 on Jul 24, 2002. Another rally saw prices penetrate resistance, closing 7/31/02 at $48.00. Technicals: MACD Index (MACD): A Buy Alert! was given on Jul 15, 2002 when the solid line crossed the dotted line to the upside. Support: Remains at $42.75. Resistance: Is at $52.62. Point & Figure: Reversed to the upside on Jul 31, 2002. A P&F upside reversal takes place at $42.00. Summary: Technical indicators have turned bullish. BUY! CEPHALON INC (CEPH-Nasdaq) @ $48.25 Stop: Use a protective stop of $46.25. CEPHALON INC is currently trading @ $48.00 plus $2.36 on Jul 31, 2002. Price Objective: $66.00. Risk/Reward: $2.00 VS. $17.75. Today's Risk Reward Ratio: 9:1