I’m looking at a setup in Regeneron Pharmaceuticals (REGN, $285.10, off $1.79).
Now I’m not seeing a “perfect hit” of my price support on this daily chart, but it IS holding above this key zone at the 260.58-268.74 area. That is one reason why I like this stock. The second is what I call TIME SYMMETRY and a couple of other timing cycles that are illustrated on this daily chart.
Note that two prior declines in REGN lasted 29 and 27 trading days. The most recent low made on Nov 7 was 28 trading days down from the 9/30 high. Right now, as long as price holds above the 11/7 low, I would like to take my buy triggers in this one. The potential upside target comes in way above current levels at the 333.11 area, but even if we only see a corrective rally, I think there is some money in this one. I will back off the buy side in this one completely if the price cluster at the 260.58-268.74 area is taken out. CB