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

By Amy Schwartz

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 $109.54 and $109.90 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.

In the past 52 weeks, shares of Celgene Corp have traded between a low of $58.59 and a high of $110.47 and are now at $109.75, which is 87% above that low price. The 200-day and 50-day moving averages have moved 0.35% higher and 0.76% higher over the past week, respectively.

Celgene Corp (NASDAQ:CELG) has potential upside of 3.0% based on a current price of $109.75 and analysts' consensus price target of $113.09. Celgene Corp shares have support at the 50-day moving average (MA) of $101.81 and additional support at the 200-day MA of $94.97.

Celgene Corporation, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of cancer and inflammatory diseases worldwide.

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

Keywords: bearish inside day candle celgene corp

Ticker(s): CELG