Trading Biotech: Watch This Level
InTheMoneyStocks.com | Mar 20, 2018 01:40PM ET
Leading biotechnology stock Celgene Corporation (NASDAQ:CELG) has been trending lower since October 2017. Back then, the stock traded as high as $147.17 a share. Today it's trading around $87. It's not hard to see how CELG has fallen from grace over the past five months.h3 Support Watch/h3
As of now, the stock is trading below its 50- and 200-week moving averages, which is a very negative chart formation. The stock should find some solid support around the $82.75 area. This is a major retrace level where the stock could bounce from its oversold condition.
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