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Possible Bearish Inside Day Candle Pattern Detected for Applied Genetic (NASDAQ:AGTC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Applied Genetic (NASDAQ:AGTC) based on the price action in the company's shares. Yesterday's price range of $4.71 and $4.76 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 Applied Genetic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Applied Genetic share prices have been bracketed by a low of $2.26 and a high of $7.50 and closed yesterday at $4.72, 109% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.6% while the 200-day MA has risen 0.2%.

Potential upside of 69.5% exists for Applied Genetic, based on a current level of $4.72 and analysts' average consensus price target of $8.00. Applied Genetic shares have support at the 200-day moving average (MA) of $4.58 and additional support at the 50-day MA of $3.98.

Applied Genetic Technologies Corporation is a biopharmaceutical company. The Company researches and develops new therapies for curing human diseases, such as lung and eye disease, through the use of gene therapy technology.

SmarTrend is tracking the current trend status for Applied Genetic and will alert subscribers who have AGTC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle applied genetic

Ticker(s): AGTC