Biogen Inc. (NASDAQ: BIIB) BIIB stock has shown a falling channel breakout and decisively exit the channel highs of $250. Moreover, the price action showed that BIIB stock had retested the demand zone of $250 and made a hammer candlestick there, which strongly convinced that bulls had absorbed the selling pressure. After that, a vertical rebound was witnessed on the charts, and BIIB stock splits the 20-day EMA and is trying to surpass the 50-day EMA. Furthermore, the chart shows buyers have persisted in accumulating the stock and are willing to reach $300.
Biogen Inc. (BIIB stock) price is trying to stay in the neutral zone of $280 near the 200-day EMA. However, bulls must sprint aggressively to catch the gains amid the bearish market sentiments. Moreover, the downtrend needs to be flipped with solid momentum. Otherwise, gains will be lost to follow-on selling. As per the options chain, at the strike price of $265, the open interest of 59 hundred shares on the call side shows the immediate resistance zone, whereas the immediate support zone is $260, with an open interest of 38 hundred shares on the put side.
At press time, BIIB stock price was $263.25 with an intraday gain of 1.34%, showing a pullback in yesterday’s session. Moreover, the trading volume increased by 1.87% to 1.34 Million, while the market cap is $38.125 Billion. However, analysts have maintained a buy rating with a yearly target price of $328.59, suggesting a growth outlook for the following sessions.
Biogen, Inc. is a biopharmaceutical company that discovers, develops, and delivers therapies for neurological and neurodegenerative diseases. Its products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS, SPINRAZA for the treatment of SMA, ADUHELM for the treatment of Alzheimer’s disease, and FUMADERM for the treatment of severe plaque psoriasis.
Will BIIB Stock Regain Momentum Above $265?
On the daily charts, BIIB stock price showed a breakout of the falling channel and is trying to surpass the 50-day EMA hurdle to stretch the gains. Furthermore, the price action shows buyer accumulation and suggests that follow-on buying action might continue, and BIIB stock will regain the swing spot of $300 in the upcoming sessions. Moreover, BIIB share price has supported the 38.2% Fib zone and is close to the 50% zone near $270, which, if it surpasses a sharp buying momentum, will skyrocket BIIB stock to $300 in the upcoming sessions.
The RSI curve shows a spike, forming a positive crossover heading to the overbought zone highlights the buying momentum on the charts.
The MACD shows a bullish crossover and green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Summary
Biogen Inc. (BIIB stock) price exits the channel highs of $250 and stretches the reversal, indicating the buying interest in the past trading sessions. Moreover, BIIB share price has surpassed the 20-day EMA and is trying to smash the 50-day EMA, bringing momentum to reach $300 in the upcoming sessions.
Technical Levels
Support Levels: $260 and $250
Resistance Levels: $270 and $280
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/08/biogen-inc-biib-stock-breaks-out-will-biib-reach-300/