BioMarin Pharmaceutical Inc. (NASDAQ: BMRN)

BioMarin Pharmaceutical Inc. develops and commercializes biopharmaceuticals for serious diseases and medical conditions in the United States, Europe, Latin America, and internationally. Its commercial products include Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase enzyme for the treatment of mucopolysaccharidosis VI; Kuvan, a proprietary synthetic oral form of 6R-BH4 used to treat patients with phenylketonuria (PKU), a metabolic disease; Aldurazyme used for the treatment of mucopolysaccharidosis I, a genetic disease; Firdapse used to treat Lambert Eaton Myasthenic Syndrome, an autoimmune disease; and Vimizim, an enzyme replacement therapy to treat MPS IVA, a lysosomal storage disorder.
Take a look at the 1-year chart of BioMarin (Nasdaq: BMRN) with my added notations:

With the exception of a brief fake-out in June, BMRN has been range bound since April. Over that period of time the stock has formed a clear resistance at $65 (red) that had also been a prior support. In addition, the stock has also created a key level of support at $55 (green). At some point the stock will have to break one of the two levels that the consolidation has created.

The Tale of the Tape: BMRN has clear levels of support ($55) and resistance ($65). The possible long positions on the stock would be either on a pullback to $55, or on a breakout above $65. The ideal short opportunity would be on a break below $55.
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