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Possible Bearish Inside Day Candle Pattern Detected for Cytokinetics Inc (NASDAQ:CYTK)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cytokinetics Inc (NASDAQ:CYTK) based on the price action in the company's shares. Today's price range of $9.36 and $9.43 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 Cytokinetics Inc 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 56.0% for shares of Cytokinetics Inc based on a current price of $9.43 and an average consensus analyst price target of $14.71. Cytokinetics Inc shares have support at the 50-day moving average (MA) of $8.12 and additional support at the 200-day MA of $7.62.

Cytokinetics, Incorporated is a clinical-stage biopharmaceutical company. The Company is focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions.

Over the past year, Cytokinetics Inc has traded in a range of $5.75 to $10.44 and is now at $9.43, 64% above that low. The 200-day and 50-day moving averages have moved 0.02% higher and 1.23% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Cytokinetics Inc on March 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.30. Since that recommendation, shares of Cytokinetics Inc have risen 29.9%. We continue to monitor CYTK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cytokinetics inc

Ticker(s): CYTK