Huge biotech stocks are collectively getting hit in recent days.
BIIB has announced results on 24/10/17, beating top and bottom line expectations but stock still gap down and closed 3.9% down.
Prices fail to break above the top of the trendline measuring from Minute Wave ((a)) and reverse from the 100% fibonacci projection similarly from Minute Wave ((a)).
This is strong evidence of the relevancy of Minute Wave ((a)).
From a technical view, BIIB has seemingly completed a textbook A-B-C consolidation.
The recent high on 18/10/17 appears to be the final consolidation high.
Stock might attempt to retest this high $348.84 before continuing falling.
A successful re-test of this high will bring the stock down to its 24/06/17 low at $205.42.
A break above its recent high $348.84 will invalidate this analysis and imply a more complex consolidation on a larger scale.
BIIB has announced results on 24/10/17, beating top and bottom line expectations but stock still gap down and closed 3.9% down.
Prices fail to break above the top of the trendline measuring from Minute Wave ((a)) and reverse from the 100% fibonacci projection similarly from Minute Wave ((a)).
This is strong evidence of the relevancy of Minute Wave ((a)).
From a technical view, BIIB has seemingly completed a textbook A-B-C consolidation.
The recent high on 18/10/17 appears to be the final consolidation high.
Stock might attempt to retest this high $348.84 before continuing falling.
A successful re-test of this high will bring the stock down to its 24/06/17 low at $205.42.
A break above its recent high $348.84 will invalidate this analysis and imply a more complex consolidation on a larger scale.
Not
Since the large downside gap on 24/10/17 , prices have been consolidating above the low of the gap down candle. Prices are likely to test the Key Resistance Zone within the next few days.
A failure to break and close above this zone will bring prices down below $300 and less.
Watch for the upside volume as the prices test this zone.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.