OptionsPlay DailyPlay

The bullish DailyPlay we chose for Tuesday Aug 8th is Biogen (BIIB). BIIB is part of the Healthcare Sector (XLV). Over the last month, XLV has experienced a 0.54% move higher and its 1m and 6m trend has turned bullish on 7/28 while bouncing higher off its $79 support level.

Biogen’s 1m and 6m trends turned bullish on 7/12 and recently bounced higher off its $285 support level. With a technical score of 7 (out of 10), BIIB is a strong bullish stock that looks to continue higher.

View this Trade Idea on BIIB

As a stop loss, if BIIB was to trade below $285 for multiple days, this would invalidate our analysis and suggest getting out of the trade.

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