The Greedy Trader Weekly Analysis
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Yearly Pattern:Falling Pennant
Number of records: 4
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.

Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

BIOGEN IDEC INC
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Summary:
Weekly :Price is near the Fibonacci 23.6% retracement level
Daily :Williams' Percentage Range is overboughtA Parabolic SAR indicator is above and near the price20 Day Moving Average has crossed above the 50 Day Moving Average
Move cursor over the icon to see details.

It was the negative week for the BIOGEN IDEC INC (BIIB). During the week, the BIIB gave back -1.99 points, or -0.70%, and closed at 280.40 on Friday, May 18, 2018. Weekly volume was 13% above average.

Long-term trend: [See BIIB long-term trend chart]
A long-term uptrend had started on June 27, 2016 at 223.02 and reached 370.57 on January 26, 2018. BIIB gained -147.55 points, or -66.16%, in 82 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 268.33 and resistance is at 376.49. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.

Medium-term trend: [See BIIB medium-term trend chart]
A medium-term downtrend had started on January 26, 2018 at 370.57 and reached 249.17 on April 24, 2018. BIIB lost 121.40 points, or 32.76%, in 12 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Weekly Technical Indicators: [See BIIB weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since February 9, 2018. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 24, 2018 at 249.17 and reached 285.52 on May 14, 2018. BIIB gained -36.35 points, or -14.59%, in 20 days. The chart has formed a Rising Wedge chart pattern. The trend support level is at 278.54 and resistance is at 285.47. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a short-term trend.

Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. 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 link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since April 9, 2018. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

A Parabolic SAR (stop and reversal) indicator (278.69) comes close to the price (280.40). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.64
Williams' Percentage Range (W%R) 12.40
Overbought
Lane's Stochastic (%D-Slow) 72.71
Greed/Fear Indicator (GFI) 72.98
Moving Average Converg./Diverg. (MACD) 1.24
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 36.60
Williams' Percentage Range (W%R) 73.80
Lane's Stochastic (%D-Slow) 47.29
Greed/Fear Indicator (GFI) 40.82
Moving Average Converg./Diverg. (MACD) -8.64
Trading Signals
Description Value Chart
Upper Bollinger Band 287.31
Weekly Trendline Resistance 285.47
Daily Stochastic Crossing 280.52
Price 280.40
Parabolic System 278.69
Weekly Trendline Support 278.54
20 Day Moving Average 273.57
50 Day Moving Average 272.04
Weekly Stochastic Crossing 269.08
Quarterly Trendline Support 268.33
Lower Bollinger Band 262.43
Sector and Industry
Description Name Rank
Sector Healthcare 6
Industry Biotechnology 36
Daily Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Low 264.03
Low Date 05/02/2018
High 285.52
High Date 05/14/2018
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 285.47
Support 278.54
Low 249.17
Low Date 04/24/2018
High 285.52
High Date 05/14/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 370.57
High Date 01/26/2018
Low 249.17
Low Date 04/24/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 376.49
Support 268.33
Low 223.02
Low Date 06/27/2016
High 370.57
High Date 01/26/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 480.18
High Date 03/20/2015
Low 223.02
Low Date 06/27/2016
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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