Biogen Idec Close to the 50 Day

Published on Monday, 23 January 2012 18:44 Written by Danny Miller

New York, January 23rd (TradersHuddle.com) - Shares of Biogen Idec Inc. (NASDAQ:BIIB) closed the trading day at $116.31 close to its 50 day moving average currently set at $112.47. Biogen's price action is just above this important support level translating into a trading opportunity.

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

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $109.52 and calculated resistance at $119.56. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Biogen Idec will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.