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

By Shiri Gupta

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 $110.50 and $111.24 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, shares of Celgene have traded between a low of $92.98 and a high of $140.72 and are now at $110.82, which is 19% 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 30.4% based on a current price of $110.82 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 recommended that subscribers consider buying shares of Celgene on July 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $102.54. Since that recommendation, shares of Celgene have risen 8.5%. 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

Ticker(s): CELG