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Possible Bearish Inside Day Candle Pattern Detected for Abiomed Inc (NASDAQ:ABMD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Abiomed Inc (NASDAQ:ABMD) based on the price action in the company's shares. Yesterday's price range of $190.13 and $196.67 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Abiomed Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ABIOMED, Inc. develops, manufactures, and markets cardiovascular products. The Company develops technologies designed to assist and replace the pumping function of the heart. Abiomed's products and services are used by health care professionals in worldwide.

In the past 52 weeks, Abiomed Inc share prices have been bracketed by a low of $183.69 and a high of $459.75 and closed yesterday at $190.13, 4% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.6%.

Abiomed Inc (NASDAQ:ABMD) has potential upside of 100.4% based on a current price of $190.13 and analysts' consensus price target of $381.11. Abiomed Inc shares should first meet resistance at the 50-day moving average (MA) of $250.66 and find additional resistance at the 200-day MA of $297.16.

SmarTrend is monitoring the recent change of momentum in Abiomed Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Abiomed Inc in search of a potential trend change.

Keywords: bearish am inside day candle abiomed inc

Ticker(s): ABMD