Biotechnology company Regeneron Pharmaceuticals (REGN) has posted strong stock gains since June but further gains look likely in the weeks and months ahead.
Let's check out the charts.
In the daily bar chart of REGN, below, I see a positive-looking picture. The shares are in an uptrend. REGN trades above the rising 50-day moving average line and above the rising 200-day moving average line. The trading volume has been more active since September.
The On-Balance-Volume (OBV) line shows a positive trend from early September telling me that buyers of REGN have been more aggressive than sellers of REGN. The Moving Average Convergence Divergence (MACD) oscillator is bullish but crossing to the downside for a take profit sell signal.
In the weekly Japanese candlestick chart of REGN, below, I can see an uptrend in force from early 2021. The shares trade above the rising 40-week moving average line.
The weekly OBV line is showing strength in the past four months. The trend-following MACD oscillator has crossed to a fresh outright buy signal.
In this daily Point and Figure chart of REGN, below, I can see an upside price target in the $1,049 area.
In this weekly Point and Figure chart of REGN, below, I can see the same $1,049 price target as the daily chart above.
Bottom-line strategy: Traders could probe the long side of REGN near $820 if available. Risk to $790 for now. The round number of $1,000 is my price target for now.
