Biogen Idec Falls 2.40% on Heavy Volume: Watch For Potential Rebound
Biogen Idec (NASDAQ:BIIB) traded in a range yesterday that spanned from a low of $299.09 to a high of $305.48. Yesterday, the shares fell 2.4%, which took the trading range below the 3-day low of $307.42 on volume of 870,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
SmarTrend recommended that subscribers consider buying shares of Biogen Idec on July 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $247.44. Since that recommendation, shares of Biogen Idec have risen 24.4%. We continue to monitor BIIB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Over the past year, Biogen Idec has traded in a range of $223.02 to $420.99 and is now at $300.23, 35% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.2%.
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