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Possible Bearish Inside Day Candle Pattern Detected for Emergent Biosolu (NYSE:EBS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Emergent Biosolu (NYSE:EBS) based on the price action in the company's shares. Yesterday's price range of $36.77 and $37.32 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 Emergent Biosolu may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Emergent Biosolu have traded between a low of $24.47 and a high of $39.78 and closed yesterday at $37.05, which is 51% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.3%.

Emergent BioSolutions, Inc. is a global specialty biopharmaceutical company. The Company develops, manufactures, and delivers a portfolio of medical countermeasures for biological and chemical threats as well as emerging infectious diseases. Emergent also develops and commercializes therapeutics and other specialty products for hospitals and clinics.

Potential upside of 10.8% exists for Emergent Biosolu, based on a current level of $37.05 and analysts' average consensus price target of $41.04. The stock should discover initial support at its 50-day moving average (MA) of $36.67 and subsequent support at its 200-day MA of $35.01.

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

Keywords: bearish am inside day candle emergent biosolu

Ticker(s): EBS