A Key Bounce for Celgene (CELG)
Celgene Corporation ($CELG) averages are at $162.88 (21 day SMA), $157.18 (50 day SMA), $136.29 (200 day SMA). Over the past 52 weeks CELG has traded from a low of $77.22 to a high of $173.80. CELG was last at $162.19 on a volume of 2,702,090. Average daily volume has been at 2,860,929.
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Celgene (CELG) has been trending higher during the entire year, more than doubling in value. The stock has been a bit volatile over the past couple of months…but the uptrend remains intact. On Wednesday, the stock closed higher for the first time in six days. That’s bullish. But the real news isn’t in the higher close…it’s in the decisive bounce off the 50-day moving average. This intraday reversal off a key moving average is a confirmation of the uptrend. Technical traders can use this higher low as an opportunity to add to positions…or to initiate positions.
Near-term resistance is up around $173 — $10 higher than current levels.
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.
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