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Possible Bearish Inside Day Candle Pattern Detected for Exact Sciences (NASDAQ:EXAS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Exact Sciences (NASDAQ:EXAS) based on the price action in the company's shares. Yesterday's price range of $97.75 and $99.70 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 Exact Sciences may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Exact Sciences (NASDAQ:EXAS) is currently priced 40.9% above its average consensus analyst price target of $58.45. The stock should run into initial resistance at its 200-day moving average (MA) of $99.73 and subsequent resistance at its 50-day MA of $107.61.

In the past 52 weeks, shares of Exact Sciences have traded between a low of $47.78 and a high of $123.31 and closed yesterday at $98.83, which is 107% above that low price. The 200-day and 50-day moving averages have moved 0.55% higher and 0.79% lower over the past week, respectively.

Exact Sciences Corporation, a molecular diagnostics company, focuses on developing products for the early detection and prevention of various cancers in the United States.

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

Keywords: bearish am inside day candle exact sciences

Ticker(s): EXAS