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Possible Bearish Inside Day Candle Pattern Detected for Genomic Health I (NASDAQ:GHDX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Genomic Health I (NASDAQ:GHDX) based on the price action in the company's shares. Yesterday's price range of $55.13 and $55.83 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 Genomic Health I may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Genomic Health, Inc. is a life science company focused on the development and commercialization of genomic-based clinical diagnostic tests for cancer. The Company's diagnostic services provide information on the likelihood of disease recurrence and response to certain types of therapy.

Based on a current price of $55.45, Genomic Health I is currently 38.5% above its average consensus analyst price target of $34.09. The stock should run into initial resistance at its 50-day moving average (MA) of $65.68 and subsequent resistance at its 200-day MA of $68.37.

In the past 52 weeks, shares of Genomic Health I have traded between a low of $36.94 and a high of $92.18 and closed yesterday at $55.45, which is 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.7% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Genomic Health I and will alert subscribers who have GHDX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle genomic health i

Ticker(s): GHDX