Regeneron breaches upward trend line - Analysis - 03-06-2022

Regeneron's stock (REGN) skidded in the intraday levels, amid negative signals from the RSI after reaching overbought levels, with negative pressure from the 50-day SMA, breaching the main upward short-term trend line, marking a loss of 4.28%, or 28.22 points, and settling at 630.70, with trading volumes surpassing 1.2 million shares, above 10-day averages of 740 thousand shares. 

The company announced yesterday that it secured licensing rights for the Libtayo brand after purchasing Sanofi's share in the medicine for $900 million. 

Therefore we expect more losses for the stock, targeting the support of 596.90. 

Expected trend for today: Bearish