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

By James Quinn

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 $251.59 and $253.38 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 has overhead space with shares priced $253.01, or 18.0% below the average consensus analyst price target of $308.37. Biogen Idec shares should first meet resistance at the 50-day moving average (MA) of $265.42 and find additional resistance at the 200-day MA of $284.10.

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.

In the past 52 weeks, Biogen Idec share prices have been bracketed by a low of $223.02 and a high of $420.99 and are now at $253.01, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 1%.

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

Keywords: bullish inside day candle Biogen Idec

Ticker(s): BIIB