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Possible Bearish Inside Day Candle Pattern Detected for Biomarin Pharmac (NASDAQ:BMRN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Biomarin Pharmac (NASDAQ:BMRN) based on the price action in the company's shares. Today's price range of $89.49 and $89.56 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 Biomarin Pharmac may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Biomarin Pharmac has overhead space with shares priced $89.56, or 19.7% below the average consensus analyst price target of $111.48. Biomarin Pharmac shares should encounter resistance at the 200-day moving average (MA) of $93.93 and support at the 50-day MA of $88.09.

In the past 52 weeks, Biomarin Pharmac share prices have been bracketed by a low of $79.13 and a high of $106.74 and are now at $89.56, 13% above that low price. The 200-day and 50-day moving averages have moved 0.36% lower and 0.8% lower over the past week, respectively.

BioMarin Pharmaceutical, Inc., a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions

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

Keywords: bearish inside day candle biomarin pharmac

Ticker(s): BMRN