BioMarin Pharmaceutical Inc. (BMRN) is ready to report its latest quarterly numbers after the close of trading Monday. I favored the long side of BMRN on January 12, so let's check and see how things look today.
In the daily bar chart of BMRN, below, I see a rally in force from June but a pullback playing out from late January. The shares have corrected lower and now trade below the cresting 50-day moving average line. The slope of the 200-day line is still positive.
The On-Balance-Volume (OBV) line has rolled over from December and tells me that BMRN traders have shifted from aggressive buyers to aggressive sellers. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line for an outright sell signal.
In the weekly Japanese candlestick chart of BMRN, below, I can see that the shares are above the rising 40-week moving average line.
The OBV line has turned lower since the middle of January. The MACD oscillator has crossed to the downside for a take profit sell signal. The weekly candles look weak and may not find support until the $95 area.
In this daily Point and Figure of BMRN, below, I can see an upside price target in the $138 area. A trade at $100 could weaken the picture.
In this weekly Point and Figure chart of BMRN, below, I can see a potential upside price target in the $162 area.
Bottom-line strategy: I have no special knowledge of what BMRN could tell shareholders and fundamental analysts Monday evening but the charts are pointed lower in the short-run. Longer-term we could see further gains after a period of softness. Wait for support to develop.
