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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Biogen Inc (NASDAQ:BIIB) based on the price action in the company's shares. Yesterday's price range of $278.01 and $281.04 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 Inc 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 Inc has traded in a range of $244.28 to $370.57 and closed yesterday at $279.69, 14% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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

There is potential upside of 26.8% for shares of Biogen Inc based on a current price of $279.69 and an average consensus analyst price target of $354.64. The stock should hit resistance at its 200-day moving average (MA) of $305.17, as well as support at its 50-day MA of $271.86.

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

Keywords: bullish am inside day candle biogen inc

Ticker(s): BIIB