ALXNBiotech has been performing well and there are some interesting setups in the space. Will ALXN break its downtrend from 2015?
ALXN
ALXN HITTING BIG SUPPORT. POTENTIAL FOR LONG POSITIONALXN Alexion Pharmaceuticals with a very strong fundamental background is reaching a big level of support.
It could offer a big upside once if it rebounds on that support. Keep an eye on this one.
ALXN Daily chart analysisJust as I put up this note, NASDAQ:ALXN has come out with the earnings figures and have come out better than the estimates, positive for the stock
You can review my weekly and monthly time frame analysis in the previous charts I have shared. On the daily time frame, ALXN has broken the downward channel and will now move upwards to test the resistance levels. If it enters the channel again then may move to lower end of the channel too
Watch out for price action. Pharma stocks tend to be very volatile. If you are trading CFDs on this one, ensure proper risk measures and appropriate SL levels .
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ALXN, weekly chart reviewNASDAQ:ALXN , as seen in my previous analysis, is in a descending triangle formation on monthly charts and in the weekly charts, more likely in a rectangle formation, again bearish as price has moved into the rectangle from top and likely a continuation pattern, price most likely to breakout downwards.
Will find strong resistance at the top as it coincides with 0.382 Fib Levels. One may be tempted to look at this formation also in context of descending triangle as lot selling interest may start to come a little before Fib 0.382 levels as a lot of institutions look at these levels closely.
Ideal to look at breakouts to trade this chart.
Be patient, but observant. Strike when the right time comes.
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ALXN - Monthly chart storyNote : Pharma cos can remain bearish/ bullish for extended time frames as a lot of the movement is based on future expectations and trials.
NASDAQ:ALXN has been in the descending triangle and has nicely tested support levels as indicated in the chart. Lovely similar formations on RSI and OBV, both confirming the downward trends
Descending triangles are bearish formations and if you look at the charts closely, most of the monthly, actually nearly all the monthly closes are below the 50 Day (to be read in this case as 50 period) moving average, again no respite as bearish.
The strategy here could be as follows
1. Ideal way would be to wait for breakout and sell when the support is breached
2. In case you want to Sell, then do as at the top of the triangle once it is rejected at the resistance level....
3. In case you had conviction on this pharma company, then Buy near supports when it bounces and retests the support zone and back in the triangle (this can be very dangerous as the formation is bearish)
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ALXN Long On A Break Of Resistance ALXN consolidating nicely. Watching for a push through resistance on volume
ALXN approaching resistance, potential drop! ALXN is approaching resistance at 137.60 where we might see a drop to our first support at 128.06. Stochastic is also approaching resistance where we might see a corresponding drop in price.
ALXN is approching resistance, potential drop! ALXN is approaching our first resistance at 137.60 (horizontal swing high resistance, 61.8% fibonacci extension, 78.6% fiboancci retracement) where a strong drop might occcur to our support level at 128.06 (horizontal pullback support, 50% fiboancci retracement).
Stochastic (55,5,3) is also approaching resistance where we migth see a corresponding drop in price.
ALXN approaching resistance, potential drop! ALXN is approaching our first resistance at 137.60 (horizontal overlap high resistance, 61.8% fiboancci extension, 78.6% fiboancci retracement) where a strong drop might occur below this level pushing price down to our major support at 128.06 (50% fibonacci retracement).
Stocahstic (55,5,3) is also approaching resistance where we might see a corresponding drop in price.
[ALXN] Phase 3I'm still confused about this share. Don't do anything if the price doesn't break the Resistant.
[ALXN] Phase 3 with more prob. to increase priceIt remains in phase 3 with probability to increase price (10.48% vs 7,89%).
Alexion waiting for pull back and second entry($ALXN) I have already flagged up alexion when price was around 112-115 dollars saying there was a good opportunity for an entry long.
Recently we have had an important sign because the price broke the hystorical downtrend since july 2015. We had some indicators overbought but thank to this pullback we can wait for a second entry long position.
A suitable level would be around 128 dollars whilst another one would be around 124.
I keep an eye pealed on MACD because last candle was quite dramatic so when the indicator turns toward the bullish mode in conjunction with the level mentioned above, It will be possible to open a long position.
Alexion (AXLN): new entry longTime to raise up the head has come for ALexion pharmaceuticals. After some years in a trading range and a never ending downtrend since 2015 (black line) price has broken it up reaching recently 135.87 dollars. As showned in the graph we have an important technical signal which is the cross between MA 50 and MA 200. We have also the RSI confirming tghe momentum and an entry buy from vortex.
Volume is neither low nor high but enough to confirm the uptrend, given trendlines and the mix of the other indicators. Price has borken the dynamic resistence at 128.41, the short term trading range YTD.
Watchlist: Alexion - $ALXN$ALXN made my Best List on Friday but I'm currently on the market sidelines. This is still worth a watch. Looking for support on the 200-day moving average. Also support at $154 seems fairly strong. If the markets turn green this week, we could see a nice bounce play here.
