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Biogen Idec Rises 2.92% on Heavy Volume: Watch For Potential Pullback

By Shiri Gupta

Biogen Idec (NASDAQ:BIIB) traded in a range yesterday that spanned from a low of $252.94 to a high of $259.31. Yesterday, the shares gained 2.9%, which took the trading range above the 3-day high of $257.38 on volume of 738,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Biogen Idec have traded between a low of $223.02 and a high of $420.99 and are now at $259.22, which is 16% above that low price. 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%.

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: rebounders Biogen Idec

Ticker(s): BIIB