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Advanced TA SearchArchive
- 5/3/2024 -
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BIOGEN IDEC INC (BIIB) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a second positive week after 6 consecutive negative weeks for the BIOGEN IDEC INC (BIIB). During the week, the BIIB gained 8.61 points, or 4.12%, and closed at 217.51 on Friday, May 3, 2024. Weekly volume was 17% above average.
BIIB is a member of Health Care Sector. Health Care is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 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 (347.89) 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 (180.93) 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 Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 link to access Lane's Stochastic help.
The weekly MACD line is below its signal line since February 9, 2024. 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 19, 2024 at 189.44 and reached 218.86 on April 29, 2024. BIIB gained -29.42 points, or -15.53%, in 10 days. Price is near the trend high.
 Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Use the following link to access 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. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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.
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