Is This 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.
Fri, Mar 16, 2018 BIIB @ $287.62
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