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Possible Bearish Inside Day Candle Pattern Detected for Chemocentryx Inc (NASDAQ:CCXI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chemocentryx Inc (NASDAQ:CCXI) based on the price action in the company's shares. Today's price range of $12.07 and $12.07 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 Chemocentryx Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 46.4% exists for Chemocentryx Inc, based on a current level of $12.07 and analysts' average consensus price target of $17.67. The stock should find initial support at its 200-day moving average (MA) of $11.40 and further support at its 50-day MA of $11.26.

In the past 52 weeks, Chemocentryx Inc share prices have been bracketed by a low of $9.07 and a high of $14.51 and are now at $12.07, 33% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

ChemoCentryx, Inc. is a biopharmaceutical company. The Company researches orally-administered small-molecule therapies for inflammatory diseases.

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

Keywords: bearish inside day candle chemocentryx inc

Ticker(s): CCXI