BioMarin Pharmaceutical Inc. Stock Forecast
BioMarin Pharmaceutical Inc. stock price fell more than -9.90% Thursday closing at $82.17
(Updated on Apr 25, 2024)
The BioMarin Pharmaceutical Inc. stock price fell by -9.90% on the last day (Thursday, 25th Apr 2024) from $91.20 to $82.17. During the last trading day the stock fluctuated 7.14% from a day low at $81.00 to a day high of $86.78. The price has fallen in 7 of the last 10 days and is down by -10.16% for this period. Volume has increased on the last day by 6 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 8 million shares were bought and sold for approximately $647.70 million.
The stock has broken the wide and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $83.75 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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BMRN Signals & Forecast
There are few to no technical positive signals at the moment. The BioMarin Pharmaceutical Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $89.16 and $87.44. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 12, 2024, and so far it has fallen -10.90%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for BioMarin Pharmaceutical Inc. stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.78 (7.14%) between high and low. For the last week, the stock has had daily average volatility of 3.00%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BMRN) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect BioMarin Pharmaceutical Inc. to open at $83.32, and during the day (based on 14 day Average True Range), to move between $79.78 and $84.56, which gives a possible trading interval of +/-$2.39 (+/-2.91%) up or down from last closing price. If BioMarin Pharmaceutical Inc. takes out the full calculated possible swing range there will be an estimated 5.81% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $86.28, some $4.11 (5.00%) from the current price of $82.17, our system finds the risk reward not very attractive.
Is BioMarin Pharmaceutical Inc. stock A Buy?
BioMarin Pharmaceutical Inc. holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Sell candidate.
Current score: -5.419 Strong Sell Candidate Downgraded
Predicted Opening Price for BioMarin Pharmaceutical Inc. of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $83.32 ( 1.40%) | $82.17 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BMRN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 89.10 | 8.43 % | |
| R2 | 86.89 | 5.74 % | ||
| R1 | 85.52 | 4.08 % | ||
| Current price: | 82.17 | |||
| Support | S1 | 81.11 | -1.29 % | |
| S2 | 79.74 | -2.95 % | ||
| S3 | 77.54 | -5.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 92.22 | 12.23 % | |
| R2 | 91.24 | 11.04 % | ||
| R1 | 86.28 | 5.00 % | ||
| Current price | 82.17 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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