Regeneron Pharmaceuticals (REGN) soared sharply higher earlier this month and made a "normal" correction as prices pulled back to unwind overbought conditions. REGN is trading higher Wednesday and may be starting a new leg higher. Let's check the charts to see if these gains can be sustained.
In the daily bar chart of REGN, below, we can see that the shares are trading above the rising 50-day moving average line and above the rising 200-day moving average line. The 50-day line is close to crossing above the 200-day line for a bullish golden cross.
The On-Balance-Volume (OBV) line shows gains in September and that is a positive development. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line but has crossed to the downside for a take profit sell signal.