A potentially powerful move is setting up on Biogen (BIIB) , but the problem with mixed technical signals is that it's a toss-up which way BIIB will break out. Let's check out the charts and indicators to see what can be gleaned.
In this daily bar chart of BIIB, below, we can see that prices have been drifting lower from July. Prices have made lower highs in October, January, February and March. BIIB has crossed above and below the 50-day and 200-day moving averages several times.
The volume histogram right below the price chart is hard to read and interpret but the daily On-Balance-Volume (OBV) line shows a positive trend the past 12 months. The OBV line has been strong from the end of December even while prices have made lower highs - either buyers of BIIB are very skilled and have stopped short of pushing prices up or the rising OBV line has not been strong long enough to tip the scales to the upside.
The Moving Average Convergence Divergence (MACD) oscillator has crossed the zero line several times but could be turning more positive now.
In this weekly bar chart of BIIB, below, we can see a positive trend the past three years. Prices are just below the rising 40-week moving average line.
On this chart the weekly OBV line is bearish and the MACD oscillator is neutral.
In this Point and Figure chart of BIIB, below, we can see a potential downside price target of $271. A rally to $337.91 could turn the chart bullish.
Bottom line strategy: BIIB could go either way... sorry. I would go long above $338 and look for weakness below $303.