InvestingScope
Short

Biogen: Sell opportunity.

NASDAQ:BIIB   BIOGEN INC
BIIB closed the week around +25% as news regarding a crucial patent ruling came out in the company's favor. With the company's earnings also higher than the forecast, investors seem upbeat with the stock's dynamics. Even though the 1D chart turned overbought ( RSI = 75.219, MACD = 6.690), on the weekly chart there is still a clear Resistance Zone at 370.00 - 389.00 which has been holding since 2016.

The fact that the 1W candle pulled back making a big wick right after it entered the Resistance Zone , indicates that traders looked to book profits first. We see this as a strong sell opportunity towards at least the 267.00 Gap or even the 246.70 Symmetrical Support.






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