Another day, another new all-time high
for biotech stocks. The clock-like consistency with which the hottest
sector on Wall Street vaults to new heights each week is almost scary.
And
yet, the biotech boom rolls on. While this may end badly at some point,
no sense in fretting over the inevitable end of a trend. Simply ride it
while it lasts.
The next stock bulls should set their sights on is Celgene Corporation (NASDAQ:CELG).
Unlike many of its peers who have already launched from support or well
established bases, CELG stock is just now attempting to break out of
a multi-month ascending triangle.
A closer inspection of Celgene’s stock
chart reveals resistance in the $125 zone. A break above this price
level will complete and confirm the setup. The series of higher pivot
lows that has taken root over the past two months suggests an increasing
aggression by dip buyers willing to snatch up shares at higher prices.
As the apex of the triangle approaches a breakout becomes increasingly
likely.
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