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Possible Bearish Inside Day Candle Pattern Detected for Biogen Inc (NASDAQ:BIIB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Biogen Inc (NASDAQ:BIIB) based on the price action in the company's shares. Today's price range of $356.04 and $358.19 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Biogen Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Biogen Inc (NASDAQ:BIIB) is currently priced 0.6% above its average consensus analyst price target of $354.64. Biogen Inc shares have support at the 200-day moving average (MA) of $305.95 and additional support at the 50-day MA of $301.99.

Biogen Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company products address diseases such as multiple sclerosis, non-hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis.

Biogen Inc share prices have moved between a 52-week high of $370.57 and a 52-week low of $249.17 and are now trading 43% above that low price at $356.75 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.8%.

SmarTrend is monitoring the recent change of momentum in Biogen Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Biogen Inc in search of a potential trend change.

Keywords: bearish inside day candle biogen inc

Ticker(s): BIIB