Biogen has formed an ascending triangle. With strong earnings and a guidance upgrade, the catalysts favor upward breakout. However, certain aspects of Biogen's business are struggling and face increasing competition, so the stock could also fall. I will play oscillations within the triangle by buying and selling crossovers of the green line, with stop losses in place. I will also play the eventual breakout.
Comment:
BIIB opened below the triangle this morning, completely bypassing my buy zone. It has a really good volume support at 232.50 and is a great buy at or below its uptrending 200-hour moving average, in my opinion.
Comment:
Missed my entry when it was down, but better to be safe than sorry. BIIB is now above its downward trend line. As long is it confirms by closing the bar above the trend line, I will probably buy in.
