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Possible Bearish Inside Day Candle Pattern Detected for Celgene Corp (NASDAQ:CELG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Celgene Corp (NASDAQ:CELG) based on the price action in the company's shares. Today's price range of $88.14 and $88.39 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 Celgene Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 28.3% exists for Celgene Corp, based on a current level of $88.14 and analysts' average consensus price target of $113.09. The stock should discover initial support at its 50-day moving average (MA) of $87.11 and subsequent support at its 200-day MA of $82.27.

Over the past year, Celgene Corp has traded in a range of $58.59 to $95.30 and is now at $88.14, 50% above that low. The 200-day and 50-day moving averages have moved 0.21% higher and 2.22% higher over the past week, respectively.

Celgene Corporation is a global biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

SmarTrend recommended that subscribers consider buying shares of Celgene Corp on January 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $84.13. Since that recommendation, shares of Celgene Corp have risen 5.0%. We continue to monitor CELG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle celgene corp

Ticker(s): CELG