BIIB is setting up in what can be viewed as either a 3 weeks tight pattern AND/OR a pennant on both the daily and weekly charts. This pattern is coming right after breaking out of a 4 month long double bottom and is forming on very low volume.
This pattern is constructive particularly after this breakout because this breakout came straight off the bottom starting on 11/4. Between 11/4 and 11/9, BIIB rallied over 20%. The fact that it is digesting those gains on very low volume and low price volatility is a sign that shareholders are not eager to take profits just yet.
At this point I am looking for a breakout above 325.30 to trigger a long entry. If triggered, my stop will be below support at 313.31