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

By James Quinn

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. Yesterday's price range of $324.60 and $330.99 is within the prior day'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.

Over the past year, Biogen Inc has traded in a range of $249.17 to $388.67 and closed yesterday at $326.61, 31% above that low. The 200-day and 50-day moving averages have moved 0.09% higher and 0.28% lower over the past week, respectively.

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 has overhead space with shares priced $326.61, or 7.9% below the average consensus analyst price target of $354.64. The stock should find resistance at its 50-day moving average (MA) of $327.49, as well as support at its 200-day MA of $310.51.

SmarTrend is tracking the current trend status for Biogen Inc and will alert subscribers who have BIIB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle biogen inc

Ticker(s): BIIB