Is Biogen Stock At Support?

This is a Post from the Symbol Surfing Blog from Fri, Mar 16, 2018.

While scanning the bear market stocks page, I saw Biogen.

It's a list of stocks that are -20% or more since their 52 week high.

I look for a couple of setups.

1) Charts that show the stock price is moving sideways or "price consolidation".

2) Charts with a significant price drop over the course of a couple days. Sometimes it is a legitimate reaction to bad news, while other times, it is an overreaction to bad news.

The 52 Week High stock price is $370.57 from Fri, Jan 26, 2018.

The stock is down quite a bit down to $291.

The 1 year chart shows a large rapid decline from the recent earnings announcement on Thu, Jan 25, 2018.

So that looks a little scary.

The 5 year chart tells a different story which I have highlighted in yellow.

It shows an uptrend with the stock price currently near support.

Based on the overall trend, this looks like a good time to get in.

If the trend stays intact, the stock could move up to $350 or higher.

Unfortunately, this BIIB does not pay a dividend, but it has a relatively low p/e ratio.

What do you think about "Is Biogen Stock At Support?"?

Let me know in the comments section!

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Hello! My name is Tom Adishian and I am the creator and developer of Symbol Surfing. I use this site on a daily basis as a time-saving resource to identify trading and investing ideas. If you have a comment, question or suggestion, contact me.

Fri, Mar 16, 2018 BIIB @ $287.62

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