BIIB Long, Coming Soon!
The price has sold off from the $207.59 pivot level, dropping to $193.84 as of the Monday, September 30th close. The sharp decline from $200 to $190 over two days last week was largely due to sector-wide weakness, as reflected in the IBB (Biotech ETF). Since then, both the ETF and BIIB have been consolidating, showing signs of stabilization. Buyers have begun to step in, especially noticeable on the 65-minute chart. Following the rapid sell-off, the price bounced higher, testing the $193.65 resistance level, which corresponds to a monthly pivot.
Although price initially failed to close above this level, the next day saw a gap up, with price holding above the resistance. Yesterday, the stock consolidated tightly throughout the day, indicating some strength. While there isn’t a definitive daily technical setup to warrant immediate conviction, the stock looks promising for a potential long swing trade in the coming days, particularly based on the oversold condition and technical recovery. Keep an eye on how the price action evolves for a better entry signal.
Although price initially failed to close above this level, the next day saw a gap up, with price holding above the resistance. Yesterday, the stock consolidated tightly throughout the day, indicating some strength. While there isn’t a definitive daily technical setup to warrant immediate conviction, the stock looks promising for a potential long swing trade in the coming days, particularly based on the oversold condition and technical recovery. Keep an eye on how the price action evolves for a better entry signal.
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