Hubert Senters here.
Let’s take a look at BIIB. Had a question from a viewer on what I thought about it? It looks weird really. Usually when we see weird chart patterns it’s usually not a good thing. It’s usually a bad thing. In other words, they usually go lower not higher.
Let’s take a look at here. Vertical up and then pullback consolidation. Anytime you see a vertical move like this first thing you have to do is throw a fib on here beginning of the buying end of the buying and this is your zone. If this zone cracks or does not hold like here and here you’ve got some bad stuff headed your way if you’re long this thing.
It’s probably going to drop down to $267. It’s got some support down there so it might not go any lower than that. But it acts like it’s really like this right here. This area right here is acting like a magnet and just going to suck this thing down to $267.
Now, I could be wrong. I’m wrong on all kinds of stuff. But be careful if you’re long this thing and make sure you have a good stop loss in there. And I wouldn’t be buying it on a pullback anytime soon.
Top Trade Tools and Mark Helweg is going to be doing a special webinar on The Invisible High Dollar Pattern Wednesday, July 21st at 7PM EST. I’m going to HYPERLINK you to the registration page.
Good luck. Hope it helps. See you on the next video.
Hubert.
