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

By Nick Russo

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 $218.14 and $221.46 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.

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.

Over the past year, Biogen Inc has traded in a range of $216.49 to $388.67 and closed yesterday at $220.26, 2% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.9% while the 200-day MA has slid 0.4%.

Potential upside of 61.0% exists for Biogen Inc, based on a current level of $220.26 and analysts' average consensus price target of $354.64. The stock should find initial resistance at its 50-day moving average (MA) of $320.84 and further resistance at its 200-day MA of $325.67.

SmarTrend recommended that its subscribers protect gains by selling shares of Biogen Inc on February 7th, 2019 by issuing a Downtrend alert when the shares were trading at $316.10. Since that call, shares of Biogen Inc have fallen 31.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle biogen inc

Ticker(s): BIIB