On the chart, we can see a head and shoulders forming.
It's currently at the neckline, from which a breakout will activate our short position.
Both MACD and RSI are showing bearish crossings.
More info is shown on the chart.
Good luck!
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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...
In downtrend, bounced back to Supply zone
Current Monthly chart price range 73 - 217
Earning 7/26/2022 Estimate 4.09
Short 200
Stop 220
Target 140
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
Order SELL BIIB NASDAQ.NMS Stop 278.12 LMT 278.12 will be automatically canceled at 20230401 01:00:00 EST
BIIB daily bearish hammer end of wave 5 expect correction at the very least
The PEAD projected a Neutral outlook for $BIIB after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 75%.
The PEAD projected a Bearish outlook for $BIIB after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 100%.
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
Remains a very risky trade.
A falling wedge pattern might be developing. The break usually occurs to the upside.
Above 190.00 supports a bullish trend direction. Crossing below this level will negate the positive stance.
Further bullish support for a price action above 197.50.
Consolidation is between 193.75 and 201.25. Crossing above 201.25 might target...
The PEAD projected a Bullish outlook for $BIIB after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 87.5%.
Coiling and looks to be painting a 5 wave C here. About to tap 200 MONTH MA and a lifetime .618 retrace to end wave II to start a potentially massive wave III. Will potentially trade all the way down to 140s but am going to start nibbling here for a lifetime HODL.
We're getting close the descending wedge and we're touching multi-year support at around 205. $BIIB has been in a downtrend since June with no signs of life so we could see a bounce or breakdown to lower lows.
