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

By Shiri Gupta

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 $324.54 and $328.95 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.

Biogen Inc share prices have moved between a 52-week high of $388.67 and a 52-week low of $249.17 and closed yesterday at 31% above that low price at $325.64 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

There is potential upside of 8.9% for shares of Biogen Inc based on a current price of $325.64 and an average consensus analyst price target of $354.64. The stock should run into initial resistance at its 200-day moving average (MA) of $326.59 and subsequent resistance at its 50-day MA of $327.13.

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.

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