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

By David Diaz

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 $96.09 and $96.09 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 $97.07 and are now at $96.09, which is 64% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

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.

Potential upside of 17.7% exists for Celgene Corp, based on a current level of $96.09 and analysts' average consensus price target of $113.09. The stock should discover initial support at its 50-day moving average (MA) of $93.19 and subsequent support at its 200-day MA of $85.01.

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