We last checked in on Regeneron Pharmaceuticals (REGN) on April 27. We concluded: "Bottom line, I think REGN can do better from here but how do you buy a falling knife? Aggressive traders can go long REGN on the first up day -- the first day from now that REGN is closing higher, you buy it and have a sell stop under the low of the move. Only add on strength and $450+ is my upside target." REGN made a recovery from early May until early June, but it has recently made new lows, see the chart below.
In this updated daily chart of REGN, above, we can see prices are back below the declining 50-day moving average line. The On-Balance-Volume (OBV) line is pointed down and there is no bullish divergence. Prices have "popped" to the upside today but it is too early to declare this a key reversal or any kind of reversal. More evidence is needed.
In this weekly chart of REGN, above, we can see prices are well below the declining 40-week moving average line. The OBV line on this time frame turned down in November and is still pointed down. The Moving Average Convergence Divergence (MACD) oscillator is well below the zero line and poised to make a new sell signal. Because next support (former resistance) on this chart dates back to 2013-14, it is tentative but it lies in the $300 area. A rally back over the highs of April would be needed to turn this chart from bearish to bullish.