BIIB Biogen Weekly Chart Sideways Triangles Upward-Sloping Channel Overbot Negative Divergence Price Extended

Biogen takes a vertical ride up through the blue channel. Last week was a powerful +17% upside orgy that would have made Caligula blush. From 50 in 2010 to 286 in 2013, +472%, a 6-bagger, in 3 years. Future Fed Chair Yellen does not see any asset bubbles in markets; everything looks perfectly fine. The sideways triangles off the bottom target the 110-ish area that was easily achieved. Price explodes higher during the ongoing biotech orgy this year. The strong biotech sector is very instrumental in the small cap RUT printing new highs this year.

The red lines show the negative divergence and the pink dots show the price extended well above the moving averages requiring a mean reversion (lower prices). In the near-term, the short green lines show long and strong juice still available after last week's bullish thrust. This behavior hints at least at a jog move, down-up-down, on tap, over the next 1 to 3 weeks. BIIB is the strongest of the 4 horseman CELG, GILD, REGN and BIIB, and would likely be the last to roll over if the biotech sector falters moving forward as anticipated. The low 200's would not be surprising in 2014. Perhaps the biotechs will follow the pattern of the tech and other high-flyers recently such as TSLA? This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.