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Downtrend Broken Resist.Archive
- 5/10/2024 -
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BIOGEN IDEC INC (BIIB) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a third positive week after 6 consecutive negative weeks for the BIOGEN IDEC INC (BIIB). During the week, the BIIB gained 3.99 points, or 1.83%, and closed at 221.50 on Friday, May 10, 2024. Weekly volume was -15% below average.
 Long-term trend: [See BIIB long-term trend chart]
A long-term uptrend had started on May 9, 2022 at 187.16 and reached 319.76 on June 12, 2023. BIIB gained -132.60 points, or -70.85%, in 57 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (349.50) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.
 Medium-term trend: [See BIIB medium-term trend chart]
A medium-term downtrend had started on January 3, 2024 at 268.30 and reached 189.44 on April 19, 2024. BIIB lost 78.86 points, or 29.39%, in 15 weeks. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (176.96) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. BIIB may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See BIIB weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.
 Short-term trend: [See BIIB short-term trend chart]
A short-term uptrend had started on April 19, 2024 at 189.44 and reached 223.95 on May 10, 2024. BIIB gained -34.51 points, or -18.22%, in 21 days. The price is now at the 7.10% retracement level.
 Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Lane's Stochastic or strongly overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Daily MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is above its signal line since April 23, 2024. This is an indication that the short-term trend is up.
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