BIIB is setting up in what can be viewed as either a 3 weeks tight pattern AND/OR a pennant on both the daily and weekly charts. This pattern is coming right after breaking out of a 4 month long double bottom and is forming on very low volume.
This pattern is constructive particularly after this breakout because this breakout came straight off the bottom starting on 11/4. Between 11/4 and 11/9, BIIB rallied over 20%. The fact that it is digesting those gains on very low volume and low price volatility is a sign that shareholders are not eager to take profits just yet.
At this point I am looking for a breakout above 325.30 to trigger a long entry. If triggered, my stop will be below support at 313.31
This pattern is constructive particularly after this breakout because this breakout came straight off the bottom starting on 11/4. Between 11/4 and 11/9, BIIB rallied over 20%. The fact that it is digesting those gains on very low volume and low price volatility is a sign that shareholders are not eager to take profits just yet.
At this point I am looking for a breakout above 325.30 to trigger a long entry. If triggered, my stop will be below support at 313.31
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