Wait for REGN to hit 22 before going long

A reader requested a stock chart for REGN, here's my technical analysis:

REGN is near support at 23.6 and looks good for a bounce to ~26. But REGN may also drop to 22 before reversing to the upside. The 22 level should be strong support. I like REGN as a long play if you can get in at 22. I would tentatively put the first upside target at 26.

Note the two failed backtests. So when REGN does make a low and reverses it will establish a new trendline. Since REGN has a history of dropping after facing backtests, I would exit REGN on a backtest of trendline B