Regeneron Pharmaceuticals $REGN has been in a sharp bearish market since price fell from $540 a share in 2017. It is holding above $280 for now but could extend if the prevailing bearish momentum continues. I think there is a case to buy on this dip as price approaches $275. REGN Weekly Chart(click to enlarge)Reasons to Anticipate Support Around $275:1) This is the target of an ABC correction where length of wave A = wave C.2) This is a key support/resistance area.3) The RSI is going to show oversold condition.Upside:- Even though we should anticipate support here around $275, we should limit any bullish expectation until we get some bullish signs.- For now, a maximum bullish target could be around $320-$340 area. - As we can see on the daily chart, when price comes up here, there will be some resistance factors.- A break above $350 could open up a bullish reversal scenario. - We should also look for resistance when the daily RSI comes up to around 60. REGN Daily Chart(click to enlarge)