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Bull of the Day: Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) $189.09 +0.48%

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Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) shares surged +0.48% during yesterday’s session, closing at $189.09. The share price was trading in a wide range between the psychological level of $170.00 and the key resistance level of $188.20. The rally over the last few days has been particularly aggressive, pushing the share price above some significant obstacles including the psychological level of $180.0, the 50-period SMA on the 4-hour chart, the $185.50 and more recently the $188.20 barrier.

Considering the above mentioned, the ALXN stock confirmed the bullish bias, following the break above the 200-period SMA, as well as above the descending trend line few days ago. Moreover, it is very significant that the bulls managed to maintain the share price above the psychological level of $188.00.

Overall, technically speaking there is no actual evidence of reversal at the moment, especially when you also consider the response to the massive support level, around the $175.00 level as well the aggressive move seen few days ago above $ 185.50. The momentum is positive in the background and if the share price managed to sustain above the aforementioned obstacles then I would expect the bulls to drive the battle higher and towards $191.40. A decisive violation of that key resistance level should have larger bullish implications and should target the $196.30 level. Technical studies support this notion since the MACD indicator is in bullish territory and the RSI is rising above 50.

One the other hand, if we see the share price turning lower, support should be found around the psychological level of $180.00. However, for the sellers to reach this level, they need to tackle a number of obstacles, including the 200-period SMA, the descending trend line, the $185.50 level and the 50-period SMA.

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