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Possible Bullish Inside Day Candle Pattern Detected for Biogen Idec (NASDAQ:BIIB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Biogen Idec (NASDAQ:BIIB) based on the price action in the company's shares. Today's price range of $306.04 and $309.17 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. Traders and investors interested in shares of Biogen Idec may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Biogen Idec (NASDAQ:BIIB) has potential upside of 18.7% based on a current price of $308.86 and analysts' consensus price target of $366.50. The stock should find initial support at its 200-day moving average (MA) of $284.10 and further support at its 50-day MA of $265.42.

Biogen Idec Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company's products addresses diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis.

Biogen Idec share prices have moved between a 52-week high of $420.99 and a 52-week low of $223.02 and are now trading 38% above that low price at $308.86 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.2%.

SmarTrend recommended that subscribers consider buying shares of Biogen Idec on July 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $247.44. Since that recommendation, shares of Biogen Idec have risen 23.6%. We continue to monitor BIIB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Biogen Idec

Ticker(s): BIIB