Look at the chart of Biogen (BIIB), the biotechnology company focused on treatments for neurological diseases including multiple sclerosis and Alzheimer’s, and you’ll notice it has been riding an up-sloping trendline since the middle of 2025. That trendline has been one of the cleaner structures I’ve seen on a daily chart in a while. Price has touched it, respected it, and bounced off it on multiple occasions. That’s not coincidence. That tells me there is real, sustained demand underneath this stock every time it pulls back to that rising support.
BIIB closed yesterday at $183.33. The pullback from the January highs near $202 did exactly what it was supposed to do — it came back into the trendline, found its footing, and now the chart is coiling for the next move. That’s just what these things do in a healthy uptrend. The structure was never damaged. Price reclaimed the area it needed to and the trendline held.
The destination on this chart is $202.41. The trendline has been doing its job for months, and that’s exactly where price wants to go next. Probabilities are dictating that as long as BIIB does not close beneath the up-sloping trendline on a daily basis, the path of least resistance is back toward that level. A confirmed daily close above $202.41 opens the door to continuation beyond it.
Watch that trendline closely on any near-term weakness. If price closes below it with confirmation, the setup changes — but right now, the trendline is doing its job and $202.41 is the next stop.
Source: https://www.fxstreet.com/news/biogen-stock-is-locked-into-a-rising-trendline-and-20241-is-the-destination-202604011433
