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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in ABIOMED (NASDAQ:ABMD) based on the price action in the company's shares. Yesterday's price range of $124.05 and $125.17 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ABIOMED share prices have moved between a 52-week high of $132.95 and a 52-week low of $59.04 and closed yesterday at 112% above that low price at $125.03 per share. The 200-day and 50-day moving averages have moved 0.56% higher and 1.34% higher over the past week, respectively.

Abiomed, Inc. provides medical devices in circulatory support and continuum of care in heart recovery to acute heart failure patients. Its products consist of Impella 2.5 catheter, a percutaneous micro heart pump with integrated motor and sensors for use in interventional cardiology; and Impella 5.0 catheter and Impella LD, which are percutaneous micro heart pumps with integrated motors and sensors for use primarily in the heart surgery suite. The company also manufactures and sells the AB5000 circulatory support system and the BVS 5000 biventricular support system for temporary support of acute heart failure patients in profound shock, including patients suffering from cardiogenic shock after a heart attack, post-cardiotomy cardiogenic shock, or myocarditis. It sells its products through direct sales and clinical support personnel in the United States, Canada, Germany, France, the United Kingdom, and internationally. The company was founded in 1981 and is based in Danvers, Massachusetts.

ABIOMED (NASDAQ:ABMD) has potential upside of 6.7% based on a current price of $125.03 and analysts' consensus price target of $133.38. The stock should discover initial support at its 50-day moving average (MA) of $92.74 and subsequent support at its 200-day MA of $88.63.

SmarTrend recommended that subscribers consider buying shares of ABIOMED on February 17th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $114.56. Since that recommendation, shares of ABIOMED have risen 9.1%. We continue to monitor ABMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle abiomed

Ticker(s): ABMD