After Yesterday's Rally of 2.89% Shares Could Potentially Pullback
BioMarin Pharmaceutical (NASDAQ:BMRN) traded in a range yesterday that spanned from a low of $78.75 to a high of $84.58. Yesterday, the shares gained 2.9%, which took the trading range above the 3-day high of $82.88 on volume of 1.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
BioMarin Pharmaceutical share prices have moved between a 52-week high of $151.75 and a 52-week low of $62.12 and are now trading 30% above that low price at $81.01 per share. The 200-day and 50-day moving averages have moved 1.25% lower and 0.63% higher over the past week, respectively.
SmarTrend recommended that its subscribers protect gains by selling shares of BioMarin Pharmaceutical on August 10th, 2016 by issuing a Downtrend alert when the shares were trading at $93.01. Since that call, shares of BioMarin Pharmaceutical have fallen 15.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders biomarin pharmaceutical