Celgene (NASDAQ:CELG) is one of the leading biotechnology stocks in the world. The company discovers, develops and commercializes therapies to treat cancer and inflammatory diseases. The stock topped out on March 17 at $127.64 a share. Today it's trading at $116.97. Traders can see that this leading biotech play has been trending lower lately and has major chart support around the $110 level, which is where the institutional money supported the stock back in December 2016. Old pivot levels often serve as major chart support when retested.