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Possible Bearish Inside Day Candle Pattern Detected for Immunogen Inc (NASDAQ:IMGN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Immunogen Inc (NASDAQ:IMGN) based on the price action in the company's shares. Today's price range of $11.39 and $11.66 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 Immunogen Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ImmunoGen, Inc. develops targeted anticancer therapeutics using its Targeted Antibody Payload (TAP) technology together with its expertise in monoclonal antibodies and tumor biology. The Company offers a TAP compound that uses a tumor-targeting monoclonal antibody to deliver one of ImmunoGen's purpose-developed cancer-killing agents specifically to tumor cells.

Over the past year, Immunogen Inc has traded in a range of $1.51 to $13.41 and is now at $11.49, 661% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.7%.

Immunogen Inc (NASDAQ:IMGN) has potential upside of 13.1% based on a current price of $11.49 and analysts' consensus price target of $13.00. The stock should discover initial support at its 50-day moving average (MA) of $10.55 and subsequent support at its 200-day MA of $8.63.

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

Keywords: bearish inside day candle immunogen inc

Ticker(s): IMGN