• Return to Headlines

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. Yesterday's price range of $94.35 and $97.42 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 Biomarin Pharmac may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 16.6% exists for Biomarin Pharmac, based on a current level of $95.58 and analysts' average consensus price target of $111.48. Biomarin Pharmac shares have support at the 50-day moving average (MA) of $87.18 and additional support at the 200-day MA of $86.96.

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.

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 closed yesterday at $95.58, 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.2%.

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 am inside day candle biomarin pharmac

Ticker(s): BMRN