30%+ gains after accumulation in April, time to take profits. Stock doesn't look like it wants to move up anymore, at resistance and a double top. See how things play out over the next while but right now $300 looks to be the price to wait for before buying again.
Biogen's (344.10 at close at the date of this writing) and Eisai's recent success with BAN24O1, an experimental medication for Alzheimer's which is currently in mid-stage clinical trials, in addition to a recent price target raise by Citi, and overall bullish analyst sentiment led to a rally between July 6-9, 2018.
Although the clinical trial's success was ...
If one is looking for reasons why this supposed aging bull market cannot go on, and continue much, much longer
than the conventional wisdom would portend, then I am suggesting that you look immediately at the new found,
and potentially strongest industry group to lead the next phase of the bull market, THE BIOTECHNOLOGY STOCKS !
On 7/6/18, BIOGEN Gained almost 20 ...
Playing Trading Simulator Game:
Cup taking shape on the daily chart.
Price in upward channel.
Stoch in upward channel.
RSI shows nice upward trend.
Enter long after price above:
a) 16MAR18 high of 292.30
b) 26FEB18 high of 296.10
c) Psychological resistance of 300
My choice: BUY STOP at 301.5
My thinking on BIIB is the following :
WIth the earnings coming up next week we might see a 1-2 week rally max ( which will bring it to the sell zone 275-285 range) where it is then shortable for a downward move projecting into mid June which could
easily hit 210-220 range.
Again with Biogen. Super solid company, with 30 billions cash available for spending every year... The company repurchased stock at this price before, a clear sign of the cheap prices right now. The risk? Alzheimer´s drug... Im optimistic, so im buying. But if you think they will fail with that then dont jump in.