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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Celgene (NASDAQ:CELG) based on the price action in the company's shares. Today's price range of $106.15 and $108.15 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 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, Celgene share prices have been bracketed by a low of $92.98 and a high of $140.72 and are now at $106.16, 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.6%.

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 (NASDAQ:CELG) has potential upside of 36.1% based on a current price of $106.16 and analysts' consensus price target of $144.47. Celgene shares should encounter resistance at the 200-day moving average (MA) of $112.65 and support at the 50-day MA of $103.40.

SmarTrend is monitoring the recent change of momentum in Celgene. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Celgene in search of a potential trend change.

Keywords: bearish inside day candle Celgene

Ticker(s): CELG