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

By Amy Schwartz

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. Yesterday's price range of $251.59 and $254.15 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. 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.

Over the past year, Biogen Idec has traded in a range of $223.02 to $420.99 and closed yesterday at $252.81, 13% above that low. 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%.

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.

Potential upside of 22.0% exists for Biogen Idec, based on a current level of $252.81 and analysts' average consensus 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.

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 am inside day candle Biogen Idec

Ticker(s): BIIB