• Return to Headlines

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

By David Diaz

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 $18.50 and $18.50 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.

There is potential upside of 62.2% for shares of Coherus Bioscien based on a current price of $18.50 and an average consensus analyst price target of $30.00. The stock should find initial support at its 50-day moving average (MA) of $15.12 and further support at its 200-day MA of $14.17.

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

In the past 52 weeks, shares of Coherus Bioscien have traded between a low of $8.34 and a high of $20.66 and are now at $18.50, which is 122% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 2.2%.

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 65.0%. 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