Celgene Stock Is Setting Up for an Upside Breakout
(NASDAQ:CELG) stock and the price action on the CELG stock chart continues to suggest that something is brewing. T" width="300" height="134" srcset="https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/02/celgene21.png?resize=300%2C134 300w, https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/02/celgene21.png?w=700 700w" sizes="(max-width: 300px) 100vw, 300px" />
Buz Investors CELG Stock Bullish I have had my eye on Celgene Corporation(NASDAQ:CELG) stock and the price action on the CELG stock chart continues to suggest that something is brewing. The Celgene stock price action has been bullish and I have to assume that the flavor of this brew is filled with hints of higher prices.
The basis of my views are centered around technical analysis, which is the method I use to analyze investments. Technical analysis is based on the notion that historical price and volume data can be used to discern trends and forecast future prices.
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CELG Stock Bullish
The long-term trend in CELG stock has been supported by a simple and effective uptrend line, a trend line that is created by connecting the valleys on the stock chart. This trend has defined the bull market in CELG stock since 2002, and as long as Celgene stock is trading above it, I can only assume that higher prices are set to prevail.
The moving average convergence/divergence (MACD) indicator in the lower panel is converging and a bullish cross can generate shortly. MACD is a simple and effective trend-following momentum indicator. Signal-line crossings are used to distinguish between the dominance of bullish and bearish momentum. A bullish cross would suggest that bullish momentum has overwhelmed any bearish momentum and that the path of least resistance is higher. I would not be surprised to see Celgene stock accelerate higher after this signal is generated.