BioMarin Pharmaceutical Inc. (NASDAQ: BMRN)

BioMarin Pharmaceutical Inc. develops and commercializes pharmaceuticals for serious diseases and medical conditions in the United States, Europe, Latin America, and internationally. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of MPS IV A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with mucopolysaccharidosis VI; Kuvan, a proprietary synthetic oral form of 6R-BH4 used to treat patients with phenylketonuria (PKU), an inherited metabolic disease; Aldurazyme used for the treatment of patients with mucopolysaccharidosis I, a genetic disease; Firdapse, a form of 3,4-diaminopyridine used for the treatment of Lambert Myasthenic Syndrome, an autoimmune disease.
Take a look at the 1-year chart of BioMarin (NASDAQ: BMRN) below with my added notations:

Over the past year BMRN has been slowly climbing higher. During that time the stock had also formed a nice trend line of support (blue). Always remember that any (2) points can start a trend line, but it’s the 3rd test and beyond that confirm its importance. BMRN’s trendline is definitely important. Yesterday the stock broke that trendline, while also breaking its key level of $132 (green).

The Tale of the Tape: BMRN has broken below trend line support and its key level of $132. A short position could be entered on a rally up to the trendline, which is currently near the $132, with a stop placed above that level. A long position could be entered if BMRN were to break back above the trendline.