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Possible Bearish Inside Day Candle Pattern Detected for Glaukos Corp (NYSE:GKOS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Glaukos Corp (NYSE:GKOS) based on the price action in the company's shares. Yesterday's price range of $32.34 and $33.68 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 Glaukos Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 22.8% exists for Glaukos Corp, based on a current level of $32.79 and analysts' average consensus price target of $40.25. The stock should discover initial support at its 200-day moving average (MA) of $22.55 and subsequent support at its 50-day MA of $17.51.

Glaukos Corporation operates as an ophthalmic medical technology company. The Company develops, manufactures, and markets medical devices for the treatment of glaucoma. Glaukos offers micro-scale injectable therapies designed to address the complete range of glaucoma disease states and progression.

Over the past year, Glaukos Corp has traded in a range of $23.08 to $52.49 and closed yesterday at $32.79, 42% above that low. The 200-day and 50-day moving averages have moved 0.72% lower and 2.54% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Glaukos Corp on January 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.88. Since that recommendation, shares of Glaukos Corp have risen 16.9%. We continue to monitor GKOS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle glaukos corp

Ticker(s): GKOS