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

By Nick Russo

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 $94.35 and $96.73 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 Pharmaceutical Inc. develops and commercializes therapeutic enzyme products. The Company has applied its proprietary enzyme technology to develop products for lysosomal storage diseases and for the treatment of serious burns. BioMarin's subsidiary provides analytical and diagnostic products and services in the area of carbohydrate biology.

There is potential upside of 15.4% for shares of Biomarin Pharmac based on a current price of $96.63 and an average consensus analyst price target of $111.48. The stock should discover initial support at its 200-day moving average (MA) of $86.92 and subsequent support at its 50-day MA of $86.79.

In the past 52 weeks, Biomarin Pharmac share prices have been bracketed by a low of $75.81 and a high of $100.03 and are now at $96.63, 27% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.5%.

SmarTrend recommended that subscribers consider buying shares of Biomarin Pharmac on April 13th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $83.28. Since that recommendation, shares of Biomarin Pharmac have risen 17.2%. We continue to monitor BMRN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle biomarin pharmac

Ticker(s): BMRN