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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 $97.45 and $97.67 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.

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.

Celgene Corp share prices have moved between a 52-week high of $98.76 and a 52-week low of $58.59 and are now trading 67% above that low price at $97.64 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Celgene Corp has overhead space with shares priced $97.64, or 13.7% below the average consensus analyst price target of $113.09. The stock should discover initial support at its 50-day moving average (MA) of $95.22 and subsequent support at its 200-day MA of $85.45.

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 16.6%. 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