Stock Market Watch: Alexion Pharma $ALXN Solutions 30 #S30

This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator

Shares of Alexion Pharma (ALXN) have progessed well in the past month since being highlighted here off the back of M&A chatter, and despite being cited by Forbes as a shorting opportunity. Not that Forbes are legendary stock pickers, and of course we are in a mighty bull market for all things pharma. That said, the rise from around $110 to $124 was eventually backed by traders looking for a takeover here, with the consenus in the market being that Biogen (BIIG) is the favoured suitor. This was allegedly due to materialise as soon as the end of last month, but the process is still said to be ongoing.

Paris listed Solutions 30 (S30) currently presents something of an enigma. On the face of it the new technologies solutions company is the right stock for the COVID-19 environment, where all things tech have flourished. Indeed, after a minor blip in the immediate aftermath of Lockdown earlier this year, the fundamental metrics were apparently back on track. This has been reflected in the share price rally, where the stock has tripled since March lows. There are only two clouds on the horizon. The first is that technically it appears there is a bearish rising wedge on the daily chart, with a line of resistance hit earlier this month at €19, and the second more ominous signal is that rather than rather than following the momentum here the bulk of traders in the stock at IG are actually short. This may suggest that there is a feeling that the rally has run its course, and at least a move back down to the 50 day moving average zone just under €16 could be seen over the next few weeks.

 

Disclaimer
Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.

Zak Mir

Zak Mir

About Me

Zak Mir is a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator. Zak presents the daily Bulletin Board Heroes which can be seen here at Share Talk

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