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Biogen Inc. (BIIB) is Looking Up from a Double Bottom

BIogen Inc. is receiving a lot of positive ratings these days. Here are some analyst ratings:

The most recent news with the company has to do with its planned divestment from its assets that treat hemophilia. I won't pretend I know what will happen with that, and the implication it will have on the value of the company. You can try to assess that by reading all types of reports such as this one by reuters:

What I can comment on is that from a price action/technical analysis standpoint, BIIB looks like it is ready for a bullish reversal. 

BIIB 4H Chart 4/11

(click to enlarge)

The 4H chart shows a double bottom that formed in the past couple of months. I should first note that BIIB was at 480 a year ago, and it almost slid 50%. 

Now, back to the double bottom. After the breakout in April, we are seeing some pullback from 280. If the double bottom is well established, price should hold above 260. Also, the RSI in the 4H chart should hold above 40. But if BIIB falls below 260 with the RSI below 40, I would lose confidence for the bullish attempt.

To the upside, I think there is potential towards the 300 area in the short to medium-term, and possibly towards 335-340 later on in the year. This can all start with a confirmation of the double bottom.