Biogen Inc. (BIIB) is down sharply today so let's take a look at the damage on the charts.
In this daily bar chart of BIIB, below, we can see that prices just broke sharply below the flat to slightly rising 200-day moving average line. The shorter 50-day moving average line has been in a decline since the middle of September. The daily On-Balance-Volume (OBV) line is pointed down and the Moving Average Convergence Divergence (MACD) oscillator has turned down from the zero line for a new sell signal.
In this weekly bar chart of BIIB, below, we do not have today's weakness plotted but prices are below the 40-week moving average line. The weekly OBV line has been weakening the past three months and the weekly MACD oscillator is in a take profits mode.
In this Point and Figure chart of BIIB, below, we can see the sharp decline. A break of the $291.05 low is likely to precipitate further declines. A $257.72 price target is being projected.
Bottom line strategy: avoid the long side of BIIB as the October low is likely to be tested or broken in the days ahead.