Biotech Giant Eyes Key Support

Published 05/10/2017, 12:47 PM
Updated 05/14/2017, 06:45 AM
BIIB
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Leading biotechnology stock Biogen (NASDAQ:BIIB) has been under pressure lately. The stock has been selling off since the company reported earnings on April 25. On that day, BIIB traded as high as $291.90 a share. Since then, the biotech giant has shed nearly $34. Currently, Biogen is at $258.86 a share.

Traders should note that the charts are signaling institutional support around the $250 area. This is a solid number that institutional traders usually like to play. It's also a level where the stock was defended in the past. Traders should note that this trade level was chart support in late January 2017 and late October 2016. Frequently, past support levels have been solid bounce levels when retested.
Biogen

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