The S&P 500 may have pulled back yesterday, but the Nasdaq Composite didn’t. The tech heavy index actually closed within just a few points of a new bull market high.

Being the case, its not too surprising that most biotech stocks also rallied yesterday. Some biotechs, such as Bluebird Bio BLUE, actually hit new highs.

Other biotech stocks simply got a nice bounce, and one of those would be Regeneron, which is highlighted below.

The company: Regeneron Pharmaceuticals

Ticker Symbol: REGN

Sector: Healthcare

Industry: Biotechnology

Regeneron discovers, invents, develops, manufactures, and commercializes medicines for the treatment of serious medical conditions worldwide.

Related:5 Biotech Earnings Under The Microscope This Week

The company has strategic collaboration with Sanofi to discover, develop, and commercialize human monoclonal antibodies, and a license and collaboration agreement with Bayer HealthCare for the development and commercialization of EYLEA.

Review the 1-year chart of Regeneron with the added notations:

Regeneron has been on a nice, slow, steady rise for most of the past year.

Over the last 3 months, the stock has been bouncing along a common chart formation known as a trendline support. On Friday Regeneron tested that trendline for the 4^th time.

Now that the stock has bounced, higher prices should follow, thus investors and traders could look to enter a long position.

However, if Regeneron were to roll over and break below the trendline, lower prices should follow.

The stock closed yesterday at $463.22/share.

Related:How much Further Can Jazz Pharmaceuticals Fall?

No matter what your strategy, or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key.