BIIB slides to lowest close since April 9th
BIOGEN IDEC Inc. (BIIB) Technical Analysis Report for Apr 16, 2018
Moving lower for the 2nd day in a row, BIIB finished Monday at 263.11 losing $2.28 (-0.86%) on low volume. Today's closing price of 263.11 marks the lowest close since April 9th. Closing below Friday's low at 264.15, the market confirms its breakout through the prior session's low having traded $1.95 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Monday's trading range was $7.06 (2.64%), that's slightly below last trading month's daily average range of $8.17. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
The stock was sold again around 269.26 after having seen highs at 269.49, 270.18 and 269.95 in the last three trading sessions. Obviously there is something going on at that level. After spiking up to 269.26 during the day, the share found resistance at the 20-day moving average at 267.97.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 270.18 where further buy stops might get activated. As prices are trading close to April's high at 273.31, upside momentum could speed up should BIIB mark new highs for the month.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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