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

By James Quinn

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. Yesterday's price range of $55.71 and $56.53 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 Fibrogen Inc 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 Fibrogen Inc have traded between a low of $37.27 and a high of $68.55 and closed yesterday at $55.83, which is 50% above that low price. The 200-day and 50-day moving averages have moved 0.11% higher and 1.61% higher over the past week, respectively.

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.

Potential upside of 26.6% exists for Fibrogen Inc, based on a current level of $55.83 and analysts' average consensus price target of $70.67. The stock should discover initial support at its 200-day moving average (MA) of $54.16 and subsequent support at its 50-day MA of $54.15.

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 am inside day candle fibrogen inc

Ticker(s): FGEN