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If the charts are to be believed, the path of least resistance for these 4 stocks should be higher.
The stocks are Biogen, Regeneron, Celgene and Gildead, known on "Mad Money" as Jim Cramer's "4 horsemen of biotech." Although fundamentals have appeared bullish to Cramer for quite some time, he often turns to technicals for further insights.
And according to analysis from Bob Lang, a top analyst and senior strategist at ExplosiveOptions.net, all of Cramer's 4 horsemen look like they could gallop a lot higher.
Here's the breakdown.
Looking at chart patterns, Lang says that Biogen has made a series of higher highs and higher lows, a bullish pattern. Also, he believes Biogen has a strong floor of support at about $316, just a few points from Wednesday's close.
Because of the floor of support, Lang is a buyer at current levels, believing downside should be limited while upside could be significant. With a ceiling of resistance at $334, Lang says if Biogen can break above that level, it should be smooth sailing to new highs.
According to Lang, the daily chart of Regeneron suggests the stock is facing strong resistance at $315, a level at which the stock has failed before. However, if shares slip down to $300, he's a buyer due to strong volume trends and a positive mention in the New England Journal of Medicine.
In fact, Lang can see enough bullish momentum building for Regeneron to ultimately pierce $315. If and when that happens, Lang can see Regeneron trading back to $352, a former all-time high.
Although Lang is aware that Gilead has advanced sharply since April, patterns suggest to him that the stock could still trade higher. Specifically, Lang has identified an inverse head and shoulders formation, something that's considered extremely bullish by investors who follow technical patterns.
By measuring the distance between the bottom of the head and the neckline, technicians such as Lang, are able to determine how much upside may lie ahead. In this case Lang can see Gilead trading up to $100; that's a gain of more than 10 percent from where the stock is currently trading.
Celgene has also rallied sharply over the past several months, however, analysis suggests it could continue higher, going all the way up to $100 before it runs out of gas.
In this case, the bullish outlook was due, in part, to the stock's recent advance despite disappointing phase 3 data from the company's arthritis drug, Otezla. When a stock rallies in the wake of negative developments that should send it lower, the price action is considered a very positive sign.
All told, the charts, as interpreted by Bob Lang, indicate that Cramer's "4 horsemen of biotech" still have upside ahead. Although in some instances Lang suggests waiting for a dip, Cramer thinks, at best, dips may be very short-lived. "All of these stocks look strong," Cramer said, "And I believe they should remain strong for many months to come."
Read more from Mad Money with Jim Cramer
3 stocks with big reward potential
Cramer; Don't let these stocks fool you
Cramer: This stock a real bargain
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