According to MarketWatch, The FDA approved the Alzheimer's drug Legembi from Eisai and Biogen A quick look at the daily charts for $BIIB shows that it's already trading on or above major moving averages (ie. 9,21,50 SMA's). Also, seeing as this is a nice, green day for the SPY and BIIB has been beaten down recently, it's a nice long option for medium term traders...
Looking at the options chain today, i would buy the $255 calls with 2022-9-16 expiration date for about $3.40 premium. Looking forward to read your opinion about it.
My recent post was a bearish view for BIIB, it included some Fibonacci Circles and I am questioning my ability to plot these. So I have posted a much simpler chart that shows a dominant trend line in green that should be maintained Once the descending channel reaches this level price should move upwards. Here is the bear view
Repeating structure in green rectangle Continuing the up channel Red horizontals are the very similar points just on different magnitudes
DAILY MACD: BUY DAILY DMI: +DI CROSSING UP -DI HOLDING ON DOUBLE FLOOR OF A BULLISH TL IF IT CLOSE UP THE OLD GAP RES I SAY 1ST OBJECTIVE ON 0.618 FIB RETRACEMENT ($330) LET SEE. TELL ME WHAT YOU THINK
BIIB: Anticipated BIIB Elliot waves (daily chart)
BIIB is approaching our first resistance at 358.10 (horizontal swing high resistance, 100% fiboancci extension) where a strong drop might occur below this level pushin gprice down to our major support at 310.07 (horizontal swing low support, 61.8% fibonacci retracement, 61.8% fibonacci extension). Stochastic (89,5,3) is also approaching resistance where we might...
BIIB is approaching our first resistance at 358.10 (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement) where price might drop to our first support at 310.07 (61.8% Fibonacci retracement, 61.8% Fibonacci extension). Stochastic (89,5,3) is approaching resistance where we might see a corresponding drop in price.