Stock Chart Analysis BMRN

Stock Chart Analysis BMRN

BioMarin Pharmaceutical Inc. (Public, NASDAQ:BMRN)

While I'm thinking the markets may be higher the next few days after three down days in a row to close out the week, BMRN looks like a good enough short setup to mention anyways. Often, when a stock breaks down from a chart pattern, moving average support, or some other form of support, it trades back up to the point of the breakdown before rolling back over. BMRN has closed weakly three days in a row as it trades up against resistance and while this is still a bullish looking chart on longer timeframes, it looks like there is more room on the downside as it corrects. It may even trade down into the previous breakout area or 200 sma which would provide a very nice target. I would set a stop around the 36.50 area with a target near 31.



Good Trading,


Joey

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