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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. Yesterday's price range of $73.25 and $74.16 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.

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

Biomarin Pharmac (NASDAQ:BMRN) has potential upside of 51.6% based on a current price of $73.53 and analysts' consensus price target of $111.48. The stock should find resistance at its 200-day moving average (MA) of $83.22, as well as support at its 50-day MA of $71.66.

In the past 52 weeks, shares of Biomarin Pharmac have traded between a low of $62.88 and a high of $101.72 and closed yesterday at $73.53, which is 17% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Biomarin Pharmac. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Biomarin Pharmac in search of a potential trend change.

Keywords: bearish am inside day candle biomarin pharmac

Ticker(s): BMRN