"It's time to start pushing their COVID therapy," Cramer replied.
Let's check out the charts and indicators. In our last review on March 24 we felt that ".... the charts are not particularly attractive at this point in time. I am in no rush to be a buyer."
In this updated daily bar chart of REGN, below, we can see that there is improvement. Prices have held very steady since our last look in late March. The 50-day moving average line is bottoming and the On-Balance-Volume (OBV) line has strengthened. The 12-day price momentum study shows higher lows from November to February giving us a long-term bullish divergence when compared to the price action.
In this weekly bar chart of REGN, below, we can see an improving picture. Prices are still below the declining 40-week moving average line but the price action has turned sideways from down. The weekly OBV line shows improvement from the middle of February. The Moving Average Convergence Divergence (MACD) oscillator has been bottoming and is close to a cover-shorts buy signal.
In this daily Point and Figure chart of REGN, below, we can see a potential price target in the $600 area. We also see that a trade at $498.11 will improve the chart.
Bottom line strategy: Risking to $450, traders could go long REGN at current levels and on strength above $498. The $600 area is our price objective.