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Possible Bearish Inside Day Candle Pattern Detected for Cytomx Therapeut (NASDAQ:CTMX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cytomx Therapeut (NASDAQ:CTMX) based on the price action in the company's shares. Yesterday's price range of $7.25 and $7.55 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 Cytomx Therapeut may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cytomx Therapeut share prices have moved between a 52-week high of $19.20 and a 52-week low of $5.10 and closed yesterday at 42% above that low price at $7.25 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 0.59% higher over the past week, respectively.

CytomX Therapeutics, Inc. operates as an oncology-focused biopharmaceutical company. The Company focuses on developing probody therapeutics for the treatment of cancer. CytomX Therapeutics serves pharmaceutical industries throughout the United States.

There is potential upside of 451.7% for shares of Cytomx Therapeut based on a current price of $7.25 and an average consensus analyst price target of $40.00. The stock should run into initial resistance at its 50-day moving average (MA) of $7.63 and subsequent resistance at its 200-day MA of $8.66.

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

Keywords: bearish am inside day candle cytomx therapeut

Ticker(s): CTMX