I REALLY like this chart. As you can see It has faded off the election news because Tepper and Icahn sold much of their stake. However, it has put in another low to shake out the remaining weak longs and has a hard reversal.
If IBB continues higher I am looking for AGN to catch up and get back above $200 then over $224 is blast off. Long AGN over $191 with a stop below $180 and a Price Target of $230+
Below is a Daily Chart and Weekly Chart of AGN.
If biotech and drugs have indeed bottomed… and AGN gets back above $240…This is going back to Highs. that is a long way away, first stop is $225.
*All of these are my opinions and not investment advice.
11/29: I believe this has bottomed, and apparently David Tepper has too. He is pitching it long at the Robinhood Conference. I am not betting against this guy.
12/09: Stop below the most recent low BOTTOM at 184.75
12/19: I have decided to close this swing out positive because the IBB is not cooperating the way I want this too and AGN is not “bottoming” the way I want it to. CLOSED at 192.50
CLOSED +.079 %