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

By Shiri Gupta

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 $9.61 and $9.77 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.

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 $9.61, 67% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

There is potential upside of 53.1% for shares of Cytokinetics Inc based on a current price of $9.61 and an average consensus analyst price target of $14.71. Cytokinetics Inc shares have support at the 200-day moving average (MA) of $7.65 and additional support at the 50-day MA of $7.22.

SmarTrend is monitoring the recent change of momentum in Cytokinetics Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cytokinetics Inc in search of a potential trend change.

Keywords: bearish inside day candle cytokinetics inc

Ticker(s): CYTK