According to MarketWatch, The FDA approved the
Alzheimer's drug Legembi from
Eisai and Biogen
A quick look at the daily charts for $BIIB shows that it's already trading on or above major moving averages (ie. 9,21,50 SMA's). Also, seeing as this is a nice, green day for the SPY and BIIB has been beaten down recently, it's a nice long option for medium term traders...
Looking at the options chain today, i would buy the $255 calls with
2022-9-16 expiration date for about
$3.40 premium.
Looking forward to read your opinion about it.
My recent post was a bearish view for BIIB, it included some Fibonacci Circles and I am questioning my ability to plot these.
So I have posted a much simpler chart that shows a dominant trend line in green that should be maintained
Once the descending channel reaches this level price should move upwards.
Here is the bear view
DAILY MACD: BUY
DAILY DMI: +DI CROSSING UP -DI
HOLDING ON DOUBLE FLOOR OF A BULLISH TL
IF IT CLOSE UP THE OLD GAP RES
I SAY 1ST OBJECTIVE ON 0.618 FIB RETRACEMENT ($330)
LET SEE. TELL ME WHAT YOU THINK
BIIB is approaching our first resistance at 358.10 (horizontal swing high resistance, 100% fiboancci extension) where a strong drop might occur below this level pushin gprice down to our major support at 310.07 (horizontal swing low support, 61.8% fibonacci retracement, 61.8% fibonacci extension).
Stochastic (89,5,3) is also approaching resistance where we might...
BIIB is approaching our first resistance at 358.10 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement) where price might drop to our first support at 310.07 (61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is approaching resistance where we might see a corresponding drop in price.
