Biogen has lost over 30% of its value this month. Looking at the monthly chart, we have concluded that this is a rare investment opportunity as the current price is just above its 1M Support Zone.
Historically we see that such an aggressive sell off recently took place in 2015 - 2016 and again the stock managed to recover almost reaching the 390 Resistance...
Imagine a 63 Billion, that's a B as in Billion Market Cap stock
losing 29 % of it's market value, in one single trading day.
It happened today to Biogen, the biotec stock darling,
when the company withdrew further reasearch on it's highly touted Alzheimer's drug,
that was it's main drug in it's reserach and develpoment pipeline.
Line Break/ Chart shows the...
Stopped at the .886 PRZ of a bullish bat, but I think it can go lower. The darker green PRZ is where the reversal zone for the butterfly and bat overlap I think it visits it in the next 2 weeks. Take the plunge at 205 or wait until it makes a lower low on a higher daily RSI. Typically a butterfly target is the .382 retrace, but with earnings in a month I'll gladly...
Take position 223.05
Stoploss at after 222,
Take profit 228
if that breaks, switch to short and ride it to to 205.
But PE is really low for a bio stock,fundamentally, it's good value.
If we get a rally again in the market and sector(LABU) continue to push. this will probably go sideways.
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.
BIIB is approaching our first resistance at 358.14 (horizontal swing high resistance, 61.8% fibonacci extension , 78.6% fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 310.02 (61.8% fibonacci extension , 61.8% fibonacci retracement ).
Stochastic (21,5,3) is also approaching resistance where we...
BIIB is approaching support at 296.13 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its resistance at 336.68 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching support at 4.4% where a corresponding bounce could occur.