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Possible Bearish Inside Day Candle Pattern Detected for Coherus Bioscien (NASDAQ:CHRS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Coherus Bioscien (NASDAQ:CHRS) based on the price action in the company's shares. Today's price range of $21.39 and $21.46 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 Coherus Bioscien may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Coherus Bioscien has traded in a range of $8.34 to $21.84 and is now at $21.46, 157% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.7%.

Coherus Biosciences, Inc. is a biopharmaceutical company. The Company develops biosimilar therapeutics to aid patients.

Coherus Bioscien has overhead space with shares priced $21.46, or 28.5% below the average consensus analyst price target of $30.00. The stock should discover initial support at its 50-day moving average (MA) of $17.35 and subsequent support at its 200-day MA of $14.19.

SmarTrend recommended that subscribers consider buying shares of Coherus Bioscien on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.23. Since that recommendation, shares of Coherus Bioscien have risen 92.9%. We continue to monitor CHRS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle coherus bioscien

Ticker(s): CHRS