Biogen Inc. (BIIB) currently testing channel support, able to absorb weekly selling pressures.
From here, (BIIB) can recover and turn higher to channel resistance, eliciting gains of 20-25% over the following 2 - 3 months.
A settlement above this week’s high would accelerate this upward momentum.
Inversely, closing below this channel support would indicate losses of 20% over the following 2 - 3 months where (BIIB) can bottom out into Q4.
From here, (BIIB) can recover and turn higher to channel resistance, eliciting gains of 20-25% over the following 2 - 3 months.
A settlement above this week’s high would accelerate this upward momentum.
Inversely, closing below this channel support would indicate losses of 20% over the following 2 - 3 months where (BIIB) can bottom out into Q4.
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