A 52 Week High for Biogen Idec, will it Hold?

Published on Wednesday, 04 April 2012 11:34 Written by TradersHuddle Wire

New York, April 4th (TradersHuddle.com) - Shares of Biogen Idec Inc. (NASDAQ:BIIB) booked a new 52 week high today by trading above $128.87, traders are definitely monitoring Biogen's price action to see if this move attracts further buying into the stock.

Biogen Idec Inc. (NASDAQ:BIIB) develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The products from the biotechnology company addresses diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis. The company was founded in 1985 and is based in

Biogen Idec is currently trading 0.36% versus its previous trading session close, and it has calculated support and resistance at $116.44 and $127.85 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -1.18% from its previous trading close, which means that Biogen Idec stock is outperforming the overall market.