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

By David Diaz

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 $85.01 and $85.01 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.

Over the past year, Biomarin Pharmac has traded in a range of $79.13 to $106.74 and is now at $85.01, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.

Biomarin Pharmac has overhead space with shares priced $85.01, or 23.7% below the average consensus analyst price target of $111.48. The stock should find initial resistance at its 50-day moving average (MA) of $90.95 and further resistance at its 200-day MA of $95.40.

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