Biogen (BIIB) breakout and retrace signals buying opportunity
|Shares of Biogen Inc. (BIIB) are showing signs of life. In 2021, this biotech company traded as high as $470. It currently trades near $140. Biotech and pharma are out of favor these days, but that may be changing.
BIIB recently broke out of a major descending trendline. This trendline goes back to 2023 and has held price below since then. Biogen just broke above it three weeks ago, surging as $160. With a confirmed daily breakout, BIIB has retraced back to the ‘scene of the crime’.
In technical analysis, this is the buy level investors wait for. In other words, this retrace offers investors a unique opportunity to buy a confirmed breakout, but back at the breakout trendline. While breakouts can fail, probability dictates BIIB should rally higher. The upside target could $190 per technical analysis.
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