CP – Canadian Pacific, on the first chart below, has enjoyed a terrific run since 2009, from $25 up to above $140. However, as you can see on the daily timeframe, sellers have been present for a while now as the stock works through a head and shoulders topping pattern. A close below $115 likely confirms this. But, either way, this is a very sloppy chart and considering it is occurring after such rapid appreciation I would resist the urge to just assume another leg higher is coming in a strong uptrend.
BIIB – Biogen, the next chart below of the daily timeframe, continues to be a short idea. The large cap biotechnology stocks have been monsters for a while now. However, Biogen is starting to show its age here, breaking down below the symmetrical triangle I previously highlighted on this blog and in my videos. I would view a move below $205 as a sign of a fresh leg down coming.
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