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Possible Bearish Inside Day Candle Pattern Detected for Exelixis Inc (NASDAQ:EXEL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Exelixis Inc (NASDAQ:EXEL) based on the price action in the company's shares. Today's price range of $20.09 and $20.40 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 Exelixis Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 53.8% for shares of Exelixis Inc based on a current price of $20.11 and an average consensus analyst price target of $30.92. Exelixis Inc shares should first meet resistance at the 200-day moving average (MA) of $20.13 and find additional resistance at the 50-day MA of $22.26.

Exelixis, Inc. is a development-stage biotechnology company dedicated to the discovery and development of small-molecule therapeutics for the treatment of cancer and other serious diseases. The Company is building a portfolio of compounds it believes could become pharmaceutical products. Exelixis has strategic alliances with pharmaceutical and biotechnology companies.

In the past 52 weeks, Exelixis Inc share prices have been bracketed by a low of $13.42 and a high of $25.31 and are now at $20.11, 50% above that low price. The 200-day and 50-day moving averages have moved 0.05% lower and 0.53% lower over the past week, respectively.

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

Keywords: bearish inside day candle exelixis inc

Ticker(s): EXEL