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Possible Bearish Inside Day Candle Pattern Detected for Biotime (NYSE:BTX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Biotime (NYSE:BTX) based on the price action in the company's shares. Today's price range of $3.40 and $3.51 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 Biotime may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Biotime (NYSE:BTX) has potential upside of 71.9% based on a current price of $3.49 and analysts' consensus price target of $6.00. Biotime shares have support at the 200-day moving average (MA) of $3.13 and additional support at the 50-day MA of $2.82.

BioTime, Inc. researches and develops synthetic solutions that can be used as blood plasma volume expanders, blood replacement solutions during hypothermic surgery, and organ preservation solutions. The Company also operates in regenerative medicine sector, where it develops stem cell related products and technology for diagnostic, therapeutic and research use.

Over the past year, Biotime has traded in a range of $2.02 to $5.69 and is now at $3.49, 73% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.9%.

SmarTrend recommended that subscribers consider buying shares of Biotime on February 27th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.37. Since that recommendation, shares of Biotime have risen 6.5%. We continue to monitor BTX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle biotime

Ticker(s): BTX