Celgene Flirting With All-Time Highs

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Celgene Corporation CELG shares were trading higher by $3.39 (2.7 percent) at $123.60 in Friday's session. The catalyst for the rally was an announcement that the European Commission has approved REVLIMID® (lenalidomide) for the treatment of adult patients with previously untreated multiple myeloma who are not eligible for transplant.

The announcement from the EC comes one day after the FDA expanded existing Indication for the very same drug.

The double dose of good news has rallied the issue from Wednesday's close ($118.41) to as high as $124.00 in Friday's session. The rally has taken Celgene to a very important area of resistance.

In addition to it be within striking distance of its all-time high made on January 26 at $124.60, it also falls in the range of multiple highs in the $124.00 handle made before and after the eventual high was made.

Since reaching $124.00, it has found intraday support at $123.30 and rebounded to its current level.