The Greedy Trader Weekly Analysis
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BIOGEN IDEC INC (BIIB)

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Summary:
Weekly :Overbought sectorLane's Stochastic oversoldWilliams' Percentage Range is strongly oversold
Daily :Williams' Percentage Range and Lane's Stochastic are oversoldMACD bullish divergence
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It was the negative week for the BIOGEN IDEC INC (BIIB). During the week, the BIIB dropped -12.34 points, or -4.55%, and closed at 258.66 on Friday, June 26, 2020. Weekly volume was -33% below average.

BIIB is a member of Health Care Sector. Health Care is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See BIIB long-term trend chart]
A long-term downtrend had started on March 20, 2015 at 480.18 and reached 215.78 on September 4, 2019. BIIB lost 264.40 points, or 55.06%, in 232 weeks. The chart has formed a Descending Triangle chart pattern. The trend support level is at 213.93 and resistance is at 336.13. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a long-term trend.

Medium-term trend: [See BIIB medium-term trend chart]
A medium-term downtrend had started on February 5, 2020 at 374.99 and reached 257.61 on June 26, 2020. BIIB lost 117.38 points, or 31.30%, in 20 weeks. Price is near the trend low.

Weekly Technical Indicators: [See BIIB weekly technical indicators chart]
Weekly Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Lane's Stochastic or strongly oversold weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is below its signal line since March 13, 2020. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See BIIB short-term trend chart]
A short-term downtrend had started on May 12, 2020 at 335.00 and reached 257.61 on June 26, 2020. BIIB lost 77.39 points, or 23.10%, in 45 days. Price is near the trend low.

Daily Technical Indicators: [See BIIB daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

The daily MACD line is below its signal line since May 20, 2020. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 24.05
Williams' Percentage Range (W%R) 89.80
Oversold
Lane's Stochastic (%D-Slow) 14.57
Oversold
Greed/Fear Indicator (GFI) 16.27
Oversold
Moving Average Converg./Diverg. (MACD) -9.54 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 44.97
Williams' Percentage Range (W%R) 95.60
Strong Oversold
Lane's Stochastic (%D-Slow) 17.51
Oversold
Greed/Fear Indicator (GFI) 22.34
Moving Average Converg./Diverg. (MACD) 6.31
Trading Signals
Description Value Chart
Upper Bollinger Band 312.08
50 Day Moving Average 298.77
20 Day Moving Average 282.81
Parabolic System 272.87
Weekly Stochastic Crossing 266.78
Daily Stochastic Crossing 261.68
Price 258.66
Lower Bollinger Band 247.40
Yearly Trendline Support 213.93
Sector and Industry
Description Name Rank
Sector Health Care 10
Industry Biotechnology 76
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 335.00
High Date 05/12/2020
Low 257.61
Low Date 06/26/2020
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 350.24
High Date 04/20/2020
Low 257.61
Low Date 06/26/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 374.99
High Date 02/05/2020
Low 257.61
Low Date 06/26/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 215.78
Low Date 09/04/2019
High 374.99
High Date 02/05/2020
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Valid
Resistance 336.13
Support 213.93
High 480.18
High Date 03/20/2015
Low 215.78
Low Date 09/04/2019
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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