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Possible Bearish Inside Day Candle Pattern Detected for Blueprint Medici (NASDAQ:BPMC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Blueprint Medici (NASDAQ:BPMC) based on the price action in the company's shares. Yesterday's price range of $69.67 and $71.11 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 Blueprint Medici 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, shares of Blueprint Medici have traded between a low of $41.41 and a high of $109.00 and closed yesterday at $70.23, which is 70% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.8%.

Blueprint Medicines Corporation develops and distributes biomedical treatments. The Company researches and produces medicines and treatments for cancer targeting the molecular differences. Blueprint Medicines focuses selective drugs for genomically defined cancer patients.

There is potential upside of 52.4% for shares of Blueprint Medici based on a current price of $70.23 and an average consensus analyst price target of $107.00. Blueprint Medici shares should encounter resistance at the 200-day moving average (MA) of $77.80 and support at the 50-day MA of $66.65.

SmarTrend recommended that subscribers consider buying shares of Blueprint Medici on August 1st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $66.50. Since that recommendation, shares of Blueprint Medici have risen 7.0%. We continue to monitor BPMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle blueprint medici

Ticker(s): BPMC