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Possible Bearish Inside Day Candle Pattern Detected for Infinity Pharmac (NASDAQ:INFI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Infinity Pharmac (NASDAQ:INFI) based on the price action in the company's shares. Today's price range of $1.79 and $1.86 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 Infinity Pharmac may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Infinity Pharmac (NASDAQ:INFI) has potential upside of 170.3% based on a current price of $1.85 and analysts' consensus price target of $5.00. Infinity Pharmac shares have support at the 200-day moving average (MA) of $1.79 and additional support at the 50-day MA of $1.39.

Over the past year, Infinity Pharmac has traded in a range of $1.00 to $2.92 and is now at $1.85, 85% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 2.8%.

Infinity Pharmaceuticals, Inc. researches and develops cancer drugs. The Company uses small molecule drug technologies in the development of its products.

SmarTrend recommended that subscribers consider buying shares of Infinity Pharmac on February 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.39. Since that recommendation, shares of Infinity Pharmac have risen 37.9%. We continue to monitor INFI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle infinity pharmac

Ticker(s): INFI