Top Stock to Buy #1 – Celgene (CELG)
Celgene (CELG) develops small-molecule drugs for the treatment of blood-borne and solid-tumor cancers and inflammatory diseases. S&P said it has “the brightest growth prospects among large-cap biotech companies,” and the stock has been on the Trade of the Day buy list for over a year.
In early January, CELG broke from a classic cup-and-handle formation, which took the form of a wedge or right triangle. This has been followed by three more breaks and has run the stock from $78 to almost $150.
From the standpoint of technical analysis, it just doesn’t get better than this. The stock consolidates, pauses to gain new strength, and then breaks out again. And that is what it appears to be doing now with the recent jump from $133. The target for the current breakout is $155 and is supported by a strong new MACD buy signal.