Friday, March 20, 2015

Celgene Corporation CELG: The Next Biotech Stock to Breakout

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.

CELG stock CELG: The Next Biotech Stock to Go Boom
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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