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Biogen Inc. Message Board

  • eyesandears51 eyesandears51 Jul 29, 2013 2:46 PM Flag

    BIIB: S/T Correction, Mid to L/T Positive

    BIIB dropping by 2.73% today, is in the second day of correction. The stock is down 3%, calculating low's, and 7% from July 25 high to today's low. The drop was preceded by very high recent insider officer and director selling, including the CEO, of 216,300 shares in 21 separate transactions. This was accompanied by just over 2 million shares by large institutional holders. The technical's are also telegraphing caution. Today BIIB broke below the 20 and 50 day SMA, the 12/26 day MACD crossed below the 9, and the 5 day EMA fell below the 13 day on moderately high confirming trading volume. The previous peak to trough correction, June 14- June 21 registered -11% sequential. Using that measure, BIIB will probably bottom @ approximately $ 209.26. The next level of support is the June 21 low of $ 194.66. Given the uncertainty associated with the Federal Reserve’s news release on Wednesday July 31, the correction is unlikely to abate before Thursday morning.

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229.02-9.60(-4.02%)Jun 24 4:00 PMEDT