Regeneron Trying to Regenerate a Good Chart

In addition to some of the more by-the-book sound biotechnology charts, like CELG and the BIVV blog post yesterday, which are on the the long radar here, we also want to be on the lookout for potential bottoming charts from laggards, too. 

After a breathtaking multi-year rally, from 2010-2015, Regeneron degenerated into a longtime laggard among its IBB large cap biotech peers, seemingly unable to hold much in the way of a bounce for quarters on end. 

That may be changing, though, as we can see on the updated daily chart, below, that REGN is clearing an inverse head and shoulders bottoming formation. If we see a strong close today and especially tomorrow for a weekly close, I suspect REGN may officially be on the comeback trail. 

Longer-term the $450 area above is likely to be a major battleground into any rallies. But first things first, and we are looking to see if these biotech rotations can hold in the face of the energy sector getting decimated and a mixed market, short-term.