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Watch for Biogen Idec to Potentially Pullback After Gaining 1.24% Yesterday

By Amy Schwartz

Biogen Idec (NASDAQ:BIIB) traded in a range yesterday that spanned from a low of $292.63 to a high of $298.57. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $297.34 on volume of 537,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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.

Biogen Idec share prices have moved between a 52-week high of $420.99 and a 52-week low of $223.02 and are now trading 32% above that low price at $295.12 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 1%.

Keywords: rebounders Biogen Idec

Ticker(s): BIIB