$BIIB is a Buy

Biogen Idec ($BIIB) had been trending higher throughout October and is now offering a solid “buy the dip” opportunity, which could push price to $70 a share. Read More..

Modified PEMA Crossover Buy Signal

The daily chart shows that a Long signal has fired from the Modified PEMA Crossover system. As you are now familiar, this signal fires during pull-backs and the signals are taken very seriously during well-defined trends.

While a “measured move” target indicates the potential for price to reach $70, I’ll be watching $67 as a first target objective.

To read about the Mod PEMA setup (and MORE!), get my FREE eBook Profiting with Pivot-Based Moving Averages.

Higher Value Relationship

The daily chart also shows a two-month Higher Value relationship, which occurs when the pivot range from the current month is completely higher than the pivot range from the prior month.

This relationship indicates a strong market and any pull-back to the range is usually seen as a buying opportunity.

The fact that the Mod PEMA signal coincides with the pivot range adds a nice touch of confirmation to this setup.

To read more about the Higher Value relationship (and MUCH MORE!), get my book Secrets of a Pivot Boss.

Let’s see how this one plays out!

Cheers!

Frank Ochoa
PivotBoss.com

Follow Frank on Twitter: http://twitter.com/PivotBoss