BIIB: Biogen triangle breakout
BIIB has broken out of triangle triangle formation on strong signals from super guppy and MACD indicators. I expect this breakout to continue on both its solid technical's as well as the strong sentiment in regards to BIIB's potential ceiling. Two crucial stories to watch going forward are the potential appeals court reversal related to their multiple sclerosis drug patent and more importantly, the potential approval of their experimental Alzheimer's drug. I believe there is a good opportunity in the short-term with strong risk/reward. I anticipate some quick upside in the short term (5-10%) and will be happy to take profits. The longer-term picture for Biogen certainly has a ton of upside potential however, there is very significant risk. Biogen has a lot riding on the 2 drugs mentioned above and the ruling made on them has the potential to make or break the company's future. I believe once a decision is passed down we will either see price rapidly surge to $400+ or rapidly fall to $175-$220 depending on the outcome.
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