Alexion Pharmaceuticals, Inc. is a biopharmaceutical company, which focuses on serving patients with devastating and ultra-rare disorders through the development and commercialization of life-transforming therapeutic products. Its products include ultomiris, soliris, strensiq and kanuma.
Take a look at the 1-year chart of Alexion (NASDAQ: ALXN) below with my added notations:
During the past several weeks, ALXN has formed a key level of resistance to watch at the $120 (red) mark. The stock has tested that $120 level multiple times since the end of May. A solid close above that $120 level should lead to higher prices for ALXN.
The Tale of the Tape: ALXN has a key level of resistance at $120. A long trade could be entered on a breakthrough of that level.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Christian Tharp, CMT
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ALXN shares were unchanged in premarket trading Friday. Year-to-date, ALXN has gained 4.92%, versus a -3.93% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp, CMT
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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