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Possible Bearish Inside Day Candle Pattern Detected for Fibrogen Inc (NASDAQ:FGEN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fibrogen Inc (NASDAQ:FGEN) based on the price action in the company's shares. Today's price range of $51.15 and $52.35 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 Fibrogen 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 37.0% for shares of Fibrogen Inc based on a current price of $51.60 and an average consensus analyst price target of $70.67. The stock should discover initial support at its 200-day moving average (MA) of $23.19 and subsequent support at its 50-day MA of $19.26.

FibroGen, Inc. is a research-based pharmaceutical company focused on the discovery, development and commercialization of novel therapeutic agents to treat serious unmet medical needs. The Company has a global approach to the development and commercialization of its products.

Fibrogen Inc share prices have moved between a 52-week high of $63.00 and a 52-week low of $14.50 and are now trading 256% above that low price at $51.60 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 0.6%.

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

Keywords: bearish inside day candle fibrogen inc

Ticker(s): FGEN