BIIB slides to lowest close since April 9th

Biogen Inc. (BIIB) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team


Traders officially love to sell BIIB against 269.26 level
BIIB fails to close above 20-day moving average
BIIB closes lower for the 2nd day in a row
BIIB ends the day on a bearish note closing near the low of the day
BIIB breaks below previous session low


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.

Daily Candlestick Chart (BIIB as at Apr 16, 2018):

Daily technical analysis candlestick chart for Biogen Inc. (BIIB) as at Apr 16, 2018

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.

Market Conditions for BIIB as at Apr 16, 2018

Loading Market Conditions for BIIB (Biogen Inc.)...
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