A look at Celgene Corporation — Approaching a key inflection point
Celgene Corporation ($CELG) averages are at $163.45 (21 day SMA), $164.28 (50 day SMA), $143.69 (200 day SMA). Over the past 52 weeks CELG has traded from a low of $96.78 to a high of $174.66. CELG was last at $151.34 on a volume of 1,005,680. Average daily volume has been at 2,946,868.
|
Celgene (CELG) has been in a volatility squeeze along the 50-day moving average for most of January. But that squeeze led to a downward breakout on January 27th. After a break of $160, the stock has continued to sell off but is now approaching the 200-day moving average. Many uptrending stocks will rebound off this long-term moving average when they correct enough to test it.
The current level of the 200-day moving average is $144. Technical traders should watch this level. If CELG trades down to $143 and then begins rebounding, this may turn out to be a good entry, with a protective stop just below the 200-day moving average.
Celgene Corporation is a biopharmaceutical company engaged in the discovery, development and commercialization of innovative therapies designed to treat cancer and immune-inflammatory related diseases.
Articles