Shares of Alexion Pharmaceuticals Inc. (ALXN) made an upside breakout Wednesday. Let's check out the charts of this drug maker that just raised its full-year 2020 revenue guidance by more than $200 million.
When we last looked in on ALXN on July 27 we noted that, "While some state-of-the-art companies near Boston can turn on a dime I would be cautious about ALXN in the short-run."
Prices began to improve in late August so another look at the charts is in order.
In the daily bar chart of ALXN, below, we can see that the shares have sprinted higher and then pulled back twice in late August and the middle of September. The rally that began in the second half of September looks stronger with increased volume and a rising On-Balance-Volume (OBV) line. Prices are above the rising 50-day moving average line and the rising 200-day line.
The Moving Average Convergence Divergence (MACD) oscillator is crossing higher from above the zero line for a fresh buy signal. A stronger picture than what we saw in late July.