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

By James Quinn

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. Today's price range of $132.36 and $133.99 is within yesterday'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 (NASDAQ:ABMD) defies analysts with a current price ($133.62) 0.2% above its average consensus price target of $133.38. The stock should find initial support at its 50-day moving average (MA) of $92.74 and further support at its 200-day MA of $88.63.

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.

Over the past year, ABIOMED has traded in a range of $59.04 to $134.82 and is now at $133.62, 126% above that low. The 200-day and 50-day moving averages have moved 0.56% higher and 1.34% higher over the past week, respectively.

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 17.4%. We continue to monitor ABMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle abiomed

Ticker(s): ABMD