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Possible Bearish Inside Day Candle Pattern Detected for Concert Pharmace (NASDAQ:CNCE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Concert Pharmace (NASDAQ:CNCE) based on the price action in the company's shares. Yesterday's price range of $19.64 and $20.41 is within the prior day'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 Concert Pharmace 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, Concert Pharmace has traded in a range of $7.11 to $30.71 and closed yesterday at $19.87, 179% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.4%.

Concert Pharmaceuticals, Inc. is a clinical stage biotechnology company. The Company focuses on the use of deuterium to enhance the effects of approved drugs. Concert Pharmaceuticals offers its products throughout the United States.

There is potential upside of 28.8% for shares of Concert Pharmace based on a current price of $19.87 and an average consensus analyst price target of $25.60. The stock should find initial support at its 200-day moving average (MA) of $17.35 and further support at its 50-day MA of $13.57.

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

Keywords: bearish am inside day candle concert pharmace

Ticker(s): CNCE