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

By James Quinn

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. Yesterday's price range of $9.34 and $9.53 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 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 Inc (NASDAQ:CYTK) has potential upside of 56.5% based on a current price of $9.40 and analysts' consensus price target of $14.71. The stock should find initial resistance at its 200-day moving average (MA) of $10.31 and further resistance at its 50-day MA of $11.09.

In the past 52 weeks, shares of Cytokinetics Inc have traded between a low of $5.75 and a high of $14.94 and closed yesterday at $9.40, which is 63% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 3.2%.

Cytokinetics, Incorporated operates as a clinical-stage biopharmaceutical company. The Company focuses on the discovery and development of novel small molecule therapeutics that modulate muscle function for the treatment of diseases and medical conditions. Cytokinetics serves customers in the State of California.

SmarTrend recommended that its subscribers protect gains by selling shares of Cytokinetics Inc on September 26th, 2019 by issuing a Downtrend alert when the shares were trading at $12.42. Since that call, shares of Cytokinetics Inc have fallen 23.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle cytokinetics inc

Ticker(s): CYTK